Living in Centenario: Rent vs Buy in the Heart of the Historic Center

Centenario: the historic center that beats to a different rhythm

If you walk along Carrera 4 between Calles 9 and 12, you'll come across a Cali that is not the one of the Juanchito nightclubs or the southern shopping malls. Here, exposed brick, wooden balconies, and republican-style facades tell stories from when the city was a large village. Centenario is not just the oldest neighborhood in Cali: it is the epicenter of a light gentrification that is attracting young professionals and investors who want to bet on the historic quarter.

But living here is not for everyone. The noise from street vendors, the lack of parking, and the state of some facades are the price you pay for having Plaza de Caycedo two blocks away, the Gato de Tejada a five-minute walk, and a cultural offering that no other neighborhood in Cali gives you. In May 2026, the debate between renting or buying in Centenario is more alive than ever: while purchase prices per square meter are slowly rising, rents have skyrocketed due to demand from digital nomads and in-person workers in the center.

This article will tell you, with concrete data and no beating around the bush, how much it really costs to live here, what advantages and disadvantages each option has, and what is best for your profile. If you are thinking of moving or investing, this will save you several headaches.

Context: the rebirth of a neighborhood with history

Centenario was born at the beginning of the 20th century as the first planned neighborhood in Cali. Its houses were designed to house wealthy families fleeing the hustle and bustle of the original center. Today, those same houses —many converted into apartments, offices, or commercial premises— are witnesses to a curious phenomenon: after decades of neglect, the neighborhood is experiencing a revival.

The Mayor's Office of Cali has promoted pedestrianization and public space recovery projects around the Plazoleta del Centenario and the Teatro Municipal. This, combined with the opening of specialty coffee shops, coworking spaces, and art galleries, has attracted a new resident profile: the young professional who works in the center or in a hybrid model and values walking to work, having access to culture, and not depending on a car for everything.

But beware: this is not a luxury bubble. Properties in Centenario are still more affordable than in neighborhoods like Granada or El Peñón, but they are rising. According to data from the Cali Real Estate Observatory (first quarter of 2026), the average price per square meter in Centenario is $3,800,000 COP, while in Granada it is around $5,200,000 COP. The difference is notable, but the gap is closing fast.

Renting in Centenario: how much does it cost to live here?

If you want to move without tying yourself to a mortgage, renting is the most flexible option. In Centenario you can find everything from studio apartments to three-bedroom units, although the bulk of the supply is 1 and 2-bedroom apartments. Prices vary depending on the condition of the property, proximity to the Plazoleta del Centenario, and whether it includes parking (a luxury in this neighborhood).

Reference prices for rental (May 2026)

• 1-bedroom apartment (40-50 m²): $1,200,000 – $1,800,000 COP per month. Includes small kitchen, full bathroom, and living-dining room. Most do not have parking.
• 2-bedroom apartment (60-80 m²): $1,800,000 – $2,500,000 COP per month. Some include parking in buildings with basements, but they are scarce.
• Studio apartment (25-35 m²): $800,000 – $1,200,000 COP per month. Ideal for a person who spends little time at home.

Rents rose 12% compared to 2024, driven by the arrival of remote workers looking to live near the cultural zone. If you find a price below $1,000,000 COP for a 1-bedroom apartment, it probably needs repairs or is in a building without an elevator.

Advantages of renting

• Total flexibility: You can move if the noise gets to you or if you find a better opportunity in another neighborhood.
• No major maintenance costs: The owner takes care of structural repairs, plumbing, or roofs.
• Lower initial investment: You only need the first month's rent plus a deposit (usually one additional month).

Disadvantages of renting

• You don't build equity: Each month you pay for a roof that will never be yours.
• Unpredictable rent increases: Contracts are usually renewed with IPC increases (which in 2026 is around 6%), but some landlords ask for more.
• Customization restrictions: You cannot paint walls, change floors, or make renovations without permission.

Buying in Centenario: investment or whim?

Buying in Centenario is a medium to long-term bet. The neighborhood is in a process of revaluation, but it is not a purchase for short-term speculation. Properties in good condition sell quickly, while those needing renovation can be a bargain if you have a budget for repairs.

Reference prices for purchase (May 2026)

• Average square meter: $3,800,000 COP. Varies by street: properties facing the Plazoleta del Centenario or near the Teatro Municipal can cost up to $4,500,000 COP/m².
• 1-bedroom apartment (45 m²): From $150,000,000 to $200,000,000 COP, depending on condition and location.
• 2-bedroom apartment (70 m²): From $240,000,000 to $320,000,000 COP. Those including parking can exceed $350,000,000 COP.
• Old house for renovation (100-150 m²): From $350,000,000 COP. They require additional investment in structure, electrical installations, and finishes.

Compared to other central neighborhoods, Centenario is still a cheaper option than San Antonio (where the m² exceeds $4,200,000 COP) or Granada. But beware: the supply is limited. Many buildings are condominiums with HOA fees ranging from $150,000 to $300,000 COP per month, depending on services (security, elevator, common areas).

Advantages of buying

• Long-term equity: Each mortgage payment is an investment in an asset that will likely increase in value.
• Freedom to customize: You can remodel, paint, change floors, or even convert an apartment into an office if you feel like it.
• Potential for appreciation: With the pedestrianization and recovery projects in the center, prices are expected to rise between 8% and 12% annually over the next 5 years.

Disadvantages of buying

• High initial investment: You need at least 30% of the property's value as a down payment, plus closing costs (about 4% additional).
• Risk of devaluation: If the center's renovation plan stalls or if security problems increase, prices could stagnate.
• Constant maintenance: Older properties require frequent repairs: plumbing, roofs, electrical systems. A budget of $10,000,000 to $20,000,000 COP every 5 years is realistic.

Comparison table: rent vs buy in Centenario

To make the decision clearer, here is a quick comparison of estimated monthly costs for a 1-bedroom apartment (45 m²) in Centenario, in May 2026.

• Rent: $1,500,000 COP/month (includes basic utilities if included in the contract; if not, add $150,000 COP extra). No HOA fee if the owner covers it.
• Buy with a mortgage: Approximate monthly payment of $1,800,000 COP (for a 15-year loan at 12% APR, on a value of $170,000,000 COP). Plus HOA fee ($200,000 COP) and utilities ($150,000 COP). Total: $2,150,000 COP/month.
• Cash purchase: Only HOA fee ($200,000 COP) plus utilities ($150,000 COP). Total: $350,000 COP/month. But you need to have $170,000,000 COP liquid.

The monthly difference between renting and buying with a mortgage is about $650,000 COP. That means, in 5 years, renting would cost you $9,000,000 COP more than buying (not counting IPC increases). But beware: if you buy, that $9,000,000 COP goes to bank interest, not pure equity.

What to do in Centenario: cultural life at your fingertips

Living in Centenario is not just having a roof: it's having the city at your feet. The neighborhood is steps away from the main points of interest in the historic center.

Must-see attractions

• Plazoleta del Centenario: The heart of the neighborhood. Ideal for sitting down to read, having a coffee outdoors, or watching the cultural events organized by the Mayor's Office on weekends.
• Teatro Municipal Enrique Buenaventura: Two blocks from the Plazoleta. Offers plays, concerts, and dance performances. Tickets range from $20,000 COP to $80,000 COP.
• Museo del Oro Calima: On Carrera 4 with Calle 7. Free entry on Wednesdays. A must-see to understand the pre-Columbian history of the region.
• Iglesia de San Francisco: One of the oldest in Cali. Its colonial facade is perfect for photos.
• Gato de Tejada: A 10-minute walk south. The city's most famous monument, with a view of the Cali River.

Nightlife and culture

Centenario is not as party-oriented as Granada or Parque del Perro, but it has its charm. You'll find tapas bars, specialty coffee shops, and some jazz bars. Bar El Zaguán (Calle 10 # 4-12) is a classic for craft beer and live music on Thursdays. There's also Café de la Plazoleta, ideal for a coffee with a view of the park.

Where to eat and drink in Centenario

The gastronomic offering in Centenario is varied, although not as extensive as in the south. Here are options for all budgets.

Fast and affordable food

• La 14 (Centro Branch): On Carrera 4 with Calle 10. They sell empanadas, pastries, and natural juices from $3,000 COP.
• Piqueteadero El Sabor de la Abuela: On Calle 9 between Carreras 4 and 5. Typical dishes like bandeja paisa or sancocho from $12,000 COP.

Mid-range restaurants

• El Solar de la 10: Calle 10 # 4-25. Colombian fusion cuisine with Mediterranean influence. Dishes from $25,000 COP. Open Tuesday to Sunday, 12pm-10pm.
• La Terraza del Centenario: In the Plazoleta del Centenario. Offers artisanal pizzas and gourmet burgers. Prices from $18,000 COP.

Specialty coffee shops

• Café del Centro: Carrera 4 # 11-30. Colombian origin coffee, pour-overs, and espresso. An American coffee costs $5,000 COP. Free WiFi.
• La Tostadora: Calle 12 # 3-45. They roast their own coffee. Ideal for working in the morning. Open from 7am to 6pm.

How to get there and transportation in Centenario

One of the great advantages of living in Centenario is that you don't need a car to get around. The neighborhood is well connected to the public transportation system and is walkable.

Public transportation

• MIO (Masivo Integrado de Occidente): The closest stations are Estación Centenario (on Carrera 4 with Calle 10) and Estación San Pedro (on Carrera 4 with Calle 12). From there you can take routes south (Unidad Deportiva, Menga) or north (Terminal, Sameco). The fare is $2,700 COP (2026).
• Feeder buses: Several feeder bus routes connect to the Centenario station, making access easier from surrounding neighborhoods.

By car or motorcycle

If you have a vehicle, the main problem is parking. Most buildings do not have parking, and public parking lots charge between $4,000 and $6,000 COP per hour, or $30,000 COP per day. Some new buildings offer parking for an additional cost of $150,000 to $200,000 COP per month. If you don't want to pay that, you have to leave the car on the street, but the risk of theft or scratches is high.

On foot or by bicycle

Centenario is perfect for walking. Most services (supermarkets, banks, pharmacies) are less than 10 minutes away. There are also bike lanes that connect to the Cali River and the south of the city. The public bicycle station (MIO Bici) has a point at the Plazoleta del Centenario.

Local tips for living in Centenario

These tips will save you money, time, and headaches if you decide to move here.

• Check the condition of the plumbing before signing: Many older properties have lead or iron pipes that clog or break easily. Ask the owner to show receipts for recent repairs.
• Negotiate parking: If the building doesn't have it, ask neighboring parking lots about monthly rates. Some offer discounts if you pay in advance.
• Shop at the Alameda market: A 15-minute walk away (Calle 8 with Carrera 8). Fruits, vegetables, and meats are cheaper than in supermarkets. Ideal for saving on groceries.
• Use earplugs if you are sensitive to noise: On weekends there are events in the Plazoleta that can be noisy until 11pm. There are also street vendors with speakers.
• Invest in a good lock and bars: Although the neighborhood is safe compared to other areas of the center, apartment robberies on first floors occur. Don't skimp on security.
• Get to know your neighbors: In Centenario there is an active community of residents who organize to take care of the neighborhood. Joining the building's or the area's WhatsApp group keeps you informed of problems and events.

Testimonial: living in Centenario according to a current resident

Andrés Felipe, 34 years old, graphic designer, has lived in Centenario since 2023.

"I moved here because my office is on Carrera 4 with Calle 12 and I was walking 30 minutes from my apartment in San Fernando. I found a 35 m² studio on Calle 10 for $1,100,000 COP per month, including utilities. The best part is that I can get to work in 5 minutes, and on weekends I go out to the Plazoleta for coffee or to the Teatro Municipal if there's a show. The worst part is the noise: on Saturdays there's a guy who plays vallenato at full volume from 8am. But I got used to it. If I had to buy, I would wait a couple of years for prices to stabilize. For now, renting gives me the freedom to leave if the neighborhood changes too much."

5-year projection: is it better to buy now or wait?

The future of Centenario depends on two factors: the historic center's renovation policies and housing demand. In the next 5 years, the neighborhood is expected to continue attracting young professionals and small investors, which will keep prices rising.

According to a report by the Cali Chamber of Commerce (2025), the historic center could receive investments of $50,000 million COP in pedestrianization, public lighting, and facade improvement projects. If these projects materialize, the value per square meter in Centenario could reach $5,000,000 COP by 2030. If not, growth will be slower, between 5% and 7% annually.

• If you are a young professional and plan to stay less than 3 years: Rent. The stress of buying and selling in the short term is not worth it.
• If you plan to stay 5 years or more: Buy, especially if you find a property in good condition. The appreciation will likely exceed the interest costs.
• If you are an investor: Look for properties to renovate. Buying an old house in poor condition for $300,000,000 COP, investing $100,000,000 COP in repairs, and selling it for $500,000,000 COP is a realistic scenario if the market keeps rising.

Frequently asked questions

Is it better to rent or buy in Centenario? The decision depends on your financial situation and long-term plans. Renting can be a good option if you are looking for flexibility, while buying is ideal if you plan to stay long-term. Research the market and current prices well before making a decision.

What are the average rental prices in the area? In Centenario, rental prices can vary quite a bit. A one-bedroom apartment can cost between $800,000 and $1,200,000 COP, while a two-bedroom one ranges between $1,200,000 and $1,800,000 COP, depending on location and amenities (Source: Portafolio).

What services and amenities are common in apartment buildings? Many buildings in Centenario offer services like 24/7 security, common areas, a gym, and internet access. It is important to check which services are included in the rental or purchase price.

How accessible is public transportation? Centenario has good public transportation options. The proximity to bus stops and MIO stations makes it easy to get around the city. Additionally, walking through the historic center is a rewarding experience, full of life and culture.

Is it safe to live in Centenario? As in any urban area, safety can vary. It is recommended to be aware of the times and places where you move around. Talking to neighbors and getting to know the community can help you feel safer. The presence of cameras and surveillance in some areas also contributes to a safer environment.