Rental Yields in Cartagena: What to Actually Expect in 2026

Everyone quotes 8–12% yields. You'll see it on Instagram reels, in WhatsApp groups, and from every agent trying to sell you a property in Cartagena. And look — those numbers aren't entirely made up. But they're not the full picture either.

Let's talk about what's real. Because if you're going to put serious money into a property on Colombia's Caribbean coast, you deserve better than a headline number scribbled on a napkin.

The Headline Numbers vs Reality

Here's the thing most agents won't tell you: the yields they quote are almost always gross. That means total rental income divided by the purchase price, with nothing subtracted. No management fees. No cleaning costs. No vacancy. No taxes. It's like quoting your salary before deductions and pretending that's what lands in your bank account.

A gross yield of 10% can easily become a net yield of 5–7% once you factor in all the real costs of running a short-term rental in Cartagena. That's still a very good return — but it's a different conversation to the one most people are having.

So whenever someone throws a yield number at you, your first question should be: gross or net? If they can't answer that clearly, they haven't done the maths.

Neighbourhood Breakdown

Cartagena isn't one market — it's several. Each neighbourhood has its own price point, guest profile, and seasonal patterns. Here's what we're seeing across the main rental zones in 2026.

Walled City (Centro Histórico)

The crown jewel. Colonial architecture, cobblestone streets, and the highest nightly rates in the city. A well-presented 1–2 bedroom apartment here can command $80–200 per night depending on the season and finish level. Occupancy is strong from December through March (high season), Semana Santa, and again around June–July. May and September–November tend to be quieter.

Entry prices are higher — you're typically looking at $120K–300K USD for something worth renting — but so are the returns per night. Gross yields land around 7–10%, with net yields of 5–7% after all costs.

Bocagrande

The beachfront high-rise strip. More affordable entry points (some decent 2-beds from $80K–150K), and consistent beach tourism keeps things ticking. The guest profile skews more Colombian families and domestic tourists, which means slightly lower nightly rates but more consistent year-round demand. Gross 6–9%, net 4–6%.

Getsemaní

This is where the numbers get interesting. Getsemaní has transformed from a rough neighbourhood into one of Cartagena's trendiest areas. The entry prices are still more reasonable than the Walled City, the guest demographic is younger and travel-savvy (think digital nomads and backpackers-turned-boutique-travellers), and the occupancy rates are genuinely strong. Boutique-style apartments and hostel-hybrid setups do particularly well here. Gross 8–12%, net 6–8% — the best in the city if you get the product right.

Manga and Crespo

The emerging plays. Manga is a quiet residential island between Getsemaní and Bocagrande with beautiful old houses and a growing renovation scene. Crespo sits near the airport with newer developments. Both offer lower entry prices and growing short-term rental demand as tourists discover areas beyond the obvious. Gross 7–10%, net 5–7%. The upside here is in capital appreciation as much as rental yield.

What Eats Into Your Returns

This is the section most "investment opportunity" posts conveniently skip. Here's what actually comes out of your gross income:

• Administración (HOA/body corporate): $100–350/month depending on the building. In the Walled City, these can be surprisingly high due to heritage maintenance requirements.
• Cleaning per turnover: $15–30 per guest changeover. With short-term stays averaging 3–4 nights, this adds up fast.
• Platform commissions: Airbnb takes 3% from hosts (plus 14% from guests). Booking.com takes 15–18% from you directly. These are non-negotiable.
• Property management fees: If you're not here to manage it yourself (and you shouldn't be), expect 15–25% of gross rental income for a full-service manager.
• Maintenance reserve: Budget 5% of gross income for repairs, appliance replacement, and general wear and tear. Air conditioning alone will cost you at least once a year in this climate.
• Vacancy: Be realistic. Annual occupancy of 55–70% is a good target for a well-managed Cartagena rental. Anyone promising 80%+ year-round is selling you something.
• Predial (property tax): Relatively low in Colombia, typically 0.5–1.2% of the cadastral value (which is usually well below market value).
• Rental income tax: Foreign property owners pay tax on Colombian-sourced rental income. Your accountant will structure this efficiently, but it's a real cost — budget for it.

When you stack all of this up, a property grossing $20,000/year in rental income might net you $12,000–14,000 after everything. Still a solid return on a $200K property — but a different story to the $20K headline.

Short-Term vs Long-Term Rental

Short-term (Airbnb-style) gives you higher per-night rates but more management overhead, cleaning costs, vacancy risk, and wear on the property. Long-term (annual lease) gives you lower returns but consistent, predictable income with virtually no management headache.

In Cartagena specifically, short-term usually wins on total returns because the tourist market is strong enough to justify the extra work. But if you want a genuinely passive investment — buy, rent, and forget about it — a long-term lease at $500–1,200/month on a $120K apartment is a perfectly respectable 5–6% net yield without the operational complexity.

Some of our clients do a hybrid approach: long-term lease for 9 months, then take the property back for 3 months of personal use or peak-season short-term rentals. It's worth discussing what fits your lifestyle.

What Our Clients Are Actually Seeing

We manage properties across Cartagena, so we have real data — not projections. Here are three anonymised examples from the past 12 months:

Client A — 2-bed, Walled City: Purchased at $185K. Gross rental income in 2025: $16,800. After all costs (management, cleaning, admin, maintenance, taxes): $11,200 net. Net yield: 6.1%. Occupancy: 62%.

Client B — 1-bed, Getsemaní: Purchased at $95K. Gross rental income: $11,400. Net after costs: $7,800. Net yield: 8.2%. Occupancy: 71%. This one is a well-designed studio with great photos and dynamic pricing.

Client C — 2-bed, Bocagrande: Purchased at $110K. Gross rental income: $8,600. Net after costs: $5,300. Net yield: 4.8%. Occupancy: 58%. Solid but not spectacular — the listing needs better photos and the pricing hasn't been optimised yet.

The pattern is clear: the properties that perform best have professional photos, dynamic pricing, bilingual listings, and responsive management. The actual bricks and mortar matter less than most people think.

How to Maximise Your Yield

If you're buying for rental income, the purchase is only half the equation. Here's what makes the real difference:

• Professional photography: This is the single highest-ROI thing you can do. A $300 photo shoot can mean the difference between a $70/night listing and a $120/night listing. We've seen it over and over.
• Dynamic pricing: Tools like PriceLabs or Beyond Pricing adjust your nightly rate based on demand, events, and competition. Properties using dynamic pricing consistently outperform those with static rates by 15–25%.
• Bilingual listings: Cartagena gets tourists from the US, Canada, Europe, and domestic Colombian travellers. Having your listing in both English and Spanish opens you up to the full market.
• Rental-optimised fit-out: Durable materials, good air conditioning, fast Wi-Fi, a proper kitchen, and a washer. These aren't luxuries — they're what gets you 5-star reviews and repeat bookings.
• Multi-platform listing: Don't just list on Airbnb. Booking.com, Vrbo, and local Colombian platforms like Inmuebles24 all bring different audiences.
• Responsive management: Guests who get fast replies and smooth check-ins leave better reviews. Better reviews mean higher search ranking. Higher ranking means more bookings. It compounds.

The Bottom Line

Cartagena rental yields are genuinely attractive compared to most international markets. A well-bought, well-managed property can realistically deliver 5–8% net returns, with the added bonus of capital appreciation in a market that's still growing.

But the operative words are "well-bought" and "well-managed." Overpay for the property or underinvest in the management, and you'll end up wondering where those 12% yields everyone talks about went.

The numbers work. You just need to do them honestly.