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Drainage networks are civil constructions which do not generally attract the attention of decision-makers. However, they are of crucial importance for cities; this can be seen when a city faces floods resulting in extensive and expensive damage. The increase of rain intensity due to climate change may cause deficiencies in drainage networks built for certain defined flows which are incapable of coping with sudden increases, leading to floods. This problem can be solved using different strategies; one is the adaptation of the network through rehabilitation. A way to adapt the traditional network approach consists of substituting some pipes for others with greater diameters. More recently, the installation of storm tanks makes it possible to temporarily store excess water. Either of these solutions can be expensive, and an economic analysis must be done. Recent studies have related flooding with damage costs. In this work, a novel solution combining both approaches (pipes and tanks) is studied. A multi-objective optimization algorithm based on the NSGA-II is proposed for the rehabilitation of urban drainage networks through the substitution of pipes and the installation of storage tanks. Installation costs will be offset by damage costs associated with flooding. As a result, a set of optimal solutions that can be implemented based on the objectives to be achieved by municipalities or decisions makers. The methodology is finally applied to a real network located in the city of Bogota, Colombia.