Renting in Bogotá Without a Guarantor or Co-signer: Real Guide

When I started looking for an apartment in Bogotá, the process was going well until I reached the requirements: 'We need a guarantor or co-debtor with real estate in Bogotá'. If you're a young professional, university student, or recently arrived in the city, that sentence is basically a closed door. Very few people have family with registered property in Bogotá willing to sign as a co-debtor.

The good news is that a guarantor isn't the only way. In Colombia there are legal and completely accepted alternatives that many real estate agencies and direct owners already use. The problem is that nobody explains them well to you — they tell you that you don't have a co-debtor and end the conversation there.

This guide explains each alternative, how much it costs, what it documents, and how to present yourself to an owner so your application is taken seriously even if you don't have a guarantor.

Why They Ask for a Guarantor (and Why They're Not Always Right)

The guarantor or co-debtor exists to protect the owner if the tenant doesn't pay. The logic is clear: if the renter defaults, the co-debtor responds with their assets. For a real estate agency, it's the quickest way to transfer the risk to someone with verifiable assets.

The problem is that this scheme was designed thinking of a Colombia from decades ago, where most families had inherited properties and everyone knew someone with local real estate. Today, with more job mobility, more young independent professionals, and more people arriving in Bogotá without family connections in the city, the co-debtor requirement excludes a huge portion of the market.

Many owners who rent directly already know this. And those who work with modern real estate agencies do too. Heads up: if a real estate agency tells you there's no alternative to a co-debtor, they probably aren't aware of the available options — or it doesn't suit them to explain them to you.

Alternative 1: The Rental Insurance Policy

It's the most widespread option and the one most accepted by the Bogotá market. A rental insurance policy is basically an insurance that the insurance company issues in favor of the owner: if the tenant doesn't pay, the insurance company covers the rent and the costs of the eviction process.

For the owner, the policy is even better than a human guarantor — it's a company with guaranteed solvency that responds without excuses or delays. For you, the cost is manageable and the process is relatively quick.

How much does the policy cost?

The price depends on the insurance company and the amount of rent, but in general it ranges between 3% and 5% monthly of the rent value. For an apartment of $1,500,000 COP/month, that's between $45,000 and $75,000 COP monthly. Some insurance companies charge the equivalent of a full month as an annual premium — negotiate if they offer you this.

The most used insurance companies in Colombia for this service are Seguros Bolívar, Sura, Mapfre, and Positiva. Some real estate agencies have agreements with specific insurance companies, which can simplify the process.

What do they ask for to approve the policy?

Basically they verify that you have payment capacity. The general standard is that your demonstrated income is at least three times the rent value. If the rent is $1,500,000 COP, you need to show income of approximately $4,500,000 COP or more. Typical documents are ID, bank statements from the last 3 months, and employment letter or tax return if you're self-employed.

The approval process takes between 1 and 3 business days. If you have the documents ready, you can have the policy issued before the apartment you're interested in leaves the market.

Alternative 2: The Deposit as Guarantee

This option works better with independent owners than with large real estate agencies. The idea is simple: instead of presenting a co-debtor, you offer to deposit an amount equivalent to 2 or 3 months of rent as a guarantee. The owner retains that money during the contract and returns it when you finish and hand over the property in good condition.

Law 820 of 2003 regulates the rental deposit in Colombia. Technically the owner cannot demand a deposit greater than two months — although in practice many direct owners negotiate freely and tenants without a co-debtor sometimes voluntarily offer more to close the deal.

A detail that people usually overlook: the deposit is not lost money. It's your money that is 'loaned' as a guarantee. When you finish the contract well, they return it to you. In rentals without a real estate agency, the initial payment is usually only two months (first + deposit), much less than the three or four that a real estate agency with fees included would imply.

This alternative works better if you can make the deposit transfer on the same day as signing the contract. An owner who doubts your solvency is reassured quite a bit when that is demonstrated in the act.

Alternative 3: Deal Directly with the Owner

Some people have solid income but don't fit easily into a real estate agency's forms: freelancers, entrepreneurs, professionals with service contracts, people with income in dollars. The real estate agency model wasn't designed for you.

In those cases, looking for owners who rent directly completely changes the equation. An owner who lives in the same building or who prioritizes the right tenant over following a bureaucratic checklist is generally willing to listen. You can show your statements, explain your work situation, and reach a personalized agreement — something that's impossible with a real estate agency.

Platforms like Colombia Move allow you to search for rentals published directly by owners, without commissions in between. Many of those owners are more flexible with requirements because they're evaluating the tenant, not a form.

How to Demonstrate Solvency without a Guarantor

The key is to arrive at the visit with more documentation than they ask for. If you don't have a guarantor, the owner needs to trust another indicator. Your job is to give it to them.

For employees with a contract

Recent employment letter (no more than 30 days old), the last 3 pay stubs, and bank statements from the last quarter. If your salary arrives on time the first day of the month, show it in the statements — regular income patterns generate much more confidence than a large amount with irregular movements.

For self-employed and freelancers

Here you have to work a bit more. The updated RUT is the minimum. Add the last 3 bank statements from the account where you receive client payments, a tax return from the last year if you file one, and letters from 2 or 3 regular clients confirming the business relationship. It doesn't have to be formal — a printed email is enough.

Some landlords will still ask you for the insurance policy even if you're self-employed. For insurance companies, what matters is cash flow, not the type of contract. Being a freelancer doesn't automatically disqualify you.

For newcomers to Colombia

Without local history, the extended deposit is usually the most viable option. A statement from your foreign account showing solvency, plus a deposit of 2 months' rent, convinces many independent landlords. With a foreigner ID card, even better — show that you're regularized and have an address in Bogotá.

Where to Search for Apartments Open to These Alternatives

Not all apartments in Bogotá require a guarantor. The trick is knowing where to look and how to filter.

Colombia Move is my first stop: the landlords who post there do so directly and are easier to contact and negotiate with. You can search rentals in Bogotá by neighborhood and price without having to filter out noise from real estate agencies. If you're looking for a room instead of a full apartment, the rooms category has plenty of offers with direct contact.

Finca Raíz and Metrocuadrado have 'private' filters that reduce noise — they're not 100% reliable, but they help. Facebook groups by neighborhood too: 'Rentals Chapinero without agency', 'Direct rent Bogotá', or groups for each specific zone.

Don't underestimate signs on building facades. Walking through Teusaquillo, central Chapinero or Engativá looking for 'For rent — owner' signs is still one of the most effective methods to find landlords who prefer to negotiate directly.

Before Signing: What You Can't Overlook

Regardless of which alternative you use, two things are non-negotiable:

Verify the property's ownership. The Certificate of Freedom and Title costs $16.900 COP at the online VUR. Ask the landlord for the real estate registration number and check it yourself before giving any money. If there are mortgages, seizures, or the name doesn't match, end the conversation there.

Do the signed inventory the day you receive the keys. Take photos of everything — every scratch, every broken tile, every appliance that doesn't work properly. That inventory is what protects you from being charged for pre-existing damage when you end the contract. Without a signed inventory, the landlord can deduct from your deposit and you have little to defend yourself with.

Before negotiating price, check the actual rental prices by neighborhood in Bogotá to know if what they're offering is in range or if there's room for negotiation.

Frequently Asked Questions

❓ Is a guarantor mandatory to rent in Colombia/?

No. Law 820 of 2003 does not establish a guarantor as a legal requirement. It's a contractual requirement of the landlord or real estate agency, not an obligation imposed by the State. You can negotiate alternatives like the rental insurance policy, the extended deposit, or present documentation that demonstrates solvency.

❓ What's easier: the policy or the deposit?

It depends on your situation. If you have formal employment and can show income of three times the rent, the policy is approved in 1-3 days and is the most accepted alternative by the formal market. If you have the money available but your income is variable or informal, the extended deposit negotiated directly with the landlord can be faster and less bureaucratic.

❓ How long does it take to approve a rental insurance policy?

With documents ready, between 1 and 3 business days. The bottleneck is usually the delay in getting the employment letter or bank statements. Organize your documents before finding the apartment — not after — and you can present the approved policy the same day as the visit.

❓ Can I rent without a guarantor if I'm a foreigner in Colombia?

Yes. Foreigners with a foreigner ID card can request a policy from most Colombian insurance companies. Without an ID card, the most viable option is the extended deposit negotiated with the landlord, plus account statements that demonstrate solvency — whether Colombian or foreign.

❓ What do I do if the landlord doesn't return my deposit?

Law 820 requires the landlord to return the deposit within 30 days following the delivery of the property. If they don't without valid reason, you can go to the conciliation centers of the Ministry of Justice (free) or file a lawsuit in municipal civil court. The signed inventory at the start of the contract is your main evidence — without it, the process is much more difficult.

Did you manage to rent without a guarantor in Bogotá/? Which option did you use and how was the process? Tell us in the comments — your experience could save someone else time and money.