Are rental prices dropping in Medellín?

I recently saw a tweet about the rental dynamics in Medellín changing. There are many rentals available now, with more supply than demand. Let me tell you what's happening so you can get an idea of the market.

The tweet says: 'Is it just me, or is something changing in Medellín's real estate scene? Now there are tons of 'For Rent' signs everywhere

Rental Market Trends in Medellín

The rental market in Medellín has undergone a notable shift in its dynamics over the past few months. Until the third quarter of last year, the demand for housing far exceeded the available supply, leading to a significant increase in rental prices. According to Federico Estrada, the manager of the Lonja de Propiedad Raíz, this phenomenon surprised industry experts, who did not anticipate such a marked imbalance between supply and demand.

Even a friend of mine, Justin, was offered an apartment in July at an exorbitant price. But that was already a rip-off because prices have since stabilized. I'm not saying prices will drop, but they definitely won't go up any further.