Renting In Bolivia: Affordable Living Or Costly Affair?

Bolivia is a popular destination for expats and retirees due to its low cost of living compared to other countries in South America. The country offers a range of accommodation options, from budget-friendly to luxurious, and its real estate market is considered affordable. A retired couple can live very comfortably in Bolivia for around $1,550 per month, while a single person's estimated monthly costs without rent are around $5,042. The cost of rent varies depending on the location and type of property, but it is significantly lower than in countries like Germany. Bolivia's diverse landscape, rich culture, and friendly people make it an attractive choice for those seeking a new place to call home.

Renting in Bolivia vs. the rest of South America

Bolivia is the cheapest country in Latin America and the third cheapest in the world. It is also the second poorest country in South America.

A single person's estimated monthly costs in Bolivia are 430.7€ (3,293.2Bs.) without rent, and $5,042 with rent. A couple can live well in Bolivia's colonial city of Sucre on $1,000 a month, with a single person's costs ranging from $600 to $800. A retired couple can have a very comfortable life in Bolivia for around $1,550 per month, while a money-conscious couple can live on far less.

In the city of Cochabamba, a three-bedroom condo in an upscale neighborhood typically rents for between $600 and $800 a month. However, in nearby Tiquipaya, a three-bedroom house can be rented for just $200 a month.

In the southern Bolivian city of Tarija, a one-bedroom apartment in a safe central neighborhood, including all utilities and cable television, costs $200 a month. In Sucre, a one-bedroom apartment with all utilities, cable television, internet, and weekly maid service can be had for less than $300 a month.

Overall, renting in Bolivia is significantly more affordable than in other South American countries.

Renting in La Paz

La Paz is a desirable expat destination, with a moderate climate and a mix of historical and natural attractions. It is the cheapest country in Latin America and the third cheapest in the world.

The cost of living in La Paz is 41% cheaper than in Mexico City and 41% cheaper than in Durango, Colorado. A single person's estimated monthly costs are $5,042, excluding rent.

Rental Prices

The average price of a rental in La Paz is $20 per night, with apartment rentals averaging $160 per night and houses $341 per night.

For a one-bedroom apartment in a safe, central neighbourhood, including utilities and cable television, prices start from $200 per month. A three-bedroom house in a nearby town can be rented for $200 per month.

Luxury high-rise condos with swimming pools, spas, and gyms are available for between $600 and $800 per month.

Additional Costs

Utilities for one person in a 45m2 studio cost approximately $35 per month.

Where to Live

The historic downtown is a popular choice for its colonial architecture and proximity to restaurants, museums, and shops. The Malecon area, known for its oceanfront views and vibrant nightlife, is also a frequent choice. For a quieter experience, consider the residential area of Costa Baja.

Furnished vs. unfurnished apartments

The cost of living in Bolivia is low compared to other countries, and it is possible to live comfortably on a modest budget. For example, a retired couple can live very comfortably on $1,550 per month, while a single person can live on $600 to $800 per month.

When it comes to renting an apartment in Bolivia, there are options for both furnished and unfurnished properties. Here are some things to consider when deciding between the two:

Furnished Apartments

A furnished apartment in Bolivia will come with the basic furniture and appliances that a tenant needs to live comfortably. This includes furniture such as a couch, beds, a dining table, and chairs, as well as basic kitchen appliances. Some furnished apartments may also include items such as towels, blankets, dishes, and silverware. Fully furnished apartments may even include décor, a washer, and a dryer.

Pros of Furnished Apartments

• Higher rent: Landlords can typically charge 15% to 20% more for a furnished long-term rental and 40% to 50% more for a short-term rental.
• Fill quicker: Furnished apartments may be more attractive to tenants because they save them the time and money of buying and moving furniture.
• Tax deductions: Landlords can deduct a percentage of the cost of goods for tax purposes.

Cons of Furnished Apartments

• Higher upfront cost: Landlords will spend more money upfront on furnishing and decorating the unit.
• Potential for damage: There are more items in the unit that can be damaged during the tenancy, and normal wear and tear may require replacement.
• Short-term leases: Furnished apartments tend to attract short-term tenants, such as young professionals or students, who are more likely to be transitory.

Unfurnished Apartments

Unfurnished apartments, on the other hand, will not come with any furniture or appliances. Tenants will need to provide their own furniture and appliances.

Pros of Unfurnished Apartments

• Longer tenant stays: Tenants may be more likely to stay longer if they have furnished the property themselves and made it into a home.
• Less responsibility: Landlords are not responsible for insuring tenants' furniture or other items they bring to the property.
• Less management: Unfurnished properties may require less management, as furnished properties are often more popular with short-term leases and experience more frequent tenant turnover.

Cons of Unfurnished Apartments

• Less rental interest: Renters may not be interested in the property due to the cost and hassle of buying and moving furniture.
• Lower rent: Landlords cannot charge as much for rent or the security deposit.
• Potential for damage: There is a risk of more damage during the move-in/move-out process when moving heavy furniture.

Examples of Rent Prices in Bolivia

To give a clearer idea, here are some examples of rent prices in Bolivia:

• A one-bedroom apartment in a safe, central neighborhood in Tarija, including all utilities and cable television, costs around $200 per month.
• A one-bedroom apartment in the historic district of Sucre, including utilities, cable television, internet, and weekly maid service, costs less than $300 per month.
• A three-bedroom condo in an upscale neighborhood in Cochabamba typically rents for between $600 and $800 per month.
• A three-bedroom house in Tiquipaya, just outside of Cochabamba, can be rented for around $200 per month.

Long-term rentals

Bolivia is the cheapest country in Latin America and the third cheapest country in the world. It is a popular destination for expats, offering a warm climate, a rich culture, and a low cost of living.

In the city of Sucre, a room in a four-bedroom house in the city centre costs 3,600 BOB per month, while a room in a family house in the same city is available for 1,500 BOB per month.

In Cochabamba, a room in a residential area, 10-18 minutes from the city centre, costs 3,210 BOB per month. A room in a luxury condominium in the same city, with a swimming pool and recreation areas, is 4,000 BOB per month.

In Santa Cruz de la Sierra, a room in a house with a pool, sauna, gym, and other amenities is 4,780 BOB per month. A room in a similar location but with additional services such as custom tours and car hire is 5,400 BOB per month.

For a retired couple, a comfortable life in Bolivia can be achieved for around $1,550 per month, including rent, cell phone plans, transportation, and dining out. A single person can live comfortably on $600 to $800 per month.

Overall, long-term rentals in Bolivia offer a range of options, from basic accommodations to luxury condos, with prices varying depending on location and amenities.

Renting directly from the owner

Apartments vs. Houses

Renting an apartment in Bolivia can often be more expensive than renting a house. It might seem surprising, but there are no apartment buildings in the country in the traditional sense. Every "apartment" is actually a condominium, individually owned and with the price set by the owner. This means that the rental market is very competitive, and being demanding of the homeowner when it comes to fixes or add-ons will likely count against you.

Foreigners and Amenities

Foreigners may find themselves targeted by homeowners who assume they are wealthy and can afford higher prices. Amenities that are standard in other countries, such as a refrigerator, stove, oven, washer, dryer, or dishwasher, are not always included in Bolivian rentals, even if they are listed as "fully furnished". Be sure to stipulate in your rental contract exactly what is and isn't included.

Utilities and Maintenance Fees

Similarly, clarify which utilities are included in the rental cost. Apartments often work out cheaper in the long run as houses usually have high walls or gates that need extra security. Also, be aware that the price listed for an apartment in a classified ad is usually not the final price. You will likely have to pay monthly maintenance fees on top of your rent to cover gardening, security, pool cleaning, and so on.

Using a Real Estate Agent

Using a real estate agent to find a rental property in Bolivia can be helpful if you don't know the area well, but it will limit your bargaining power. Agents are often secretive about the properties they show you and will usually charge a finder's fee of 50-100% of one month's rent.

Deposits and Rental Contracts

In Bolivia, it is customary to pay a deposit equivalent to two months' rent, although some landlords may ask for three. This is partly because landlords are wary of renting to foreigners, who may leave the country owing money. You will also need to sign a rental contract, which the landlord will usually draw up with a lawyer of their choice, and a "reconocimiento de firmas" to verify your signature.

Returning Your Deposit

To ensure you get your deposit back when you move out, take photos of every room, wall, floor, ceiling, appliance, and piece of furniture before you move in and again when you move out. Do a final walk-through with the landlord, and ask them to sign something stating that the property was returned in satisfactory condition. You may also be able to negotiate the return of your deposit before you leave by offering to cover any outstanding utility bills.

Useful Websites and Newspapers

If you're looking to rent directly from an owner in Bolivia, there are several websites and newspapers you can check for listings. Inmobiliaria.com is one of the best sites for property listings of all types, and it includes rentals as well as properties for sale. ArrangeYourVacation.com has a few Bolivian city vacation rentals, although the site is in English. For Spanish speakers, Doplim and Evisos are good options, and you can filter results by location, price, and property type. Local newspapers such as La Paz's El Diario and Sucre's Correo del Sur also run classified sections that include apartment rental listings.

Frequently asked questions