On the strength of its attractiveness, the Principality of Monaco maintains a very dynamic real estate market. Renting an apartment is often considered the first step to land in Monaco. In addition, it gives you access to the Monegasque residence. Do you want to rent an apartment in Monaco? Discover the tips for a successful rental in Monaco below!
The context of apartment rentals in Monaco
The rental market in Monaco has a few specificities that you should know. First of all, you should know that the offer consists mainly of unfurnished apartments. As everywhere, prices depend on the type of property and its location. To give a range of prices, it is good to remember that the rents are between 69 and 300 € per m². When signing the lease, you will also have to add a security deposit equivalent to three months of rental. Unless otherwise stated by your landlord, rents must be paid in advance each quarter.
The agency fees for the rental of a property in Monaco amount to 10% excluding tax of the annual rent. These intermediation fees cover different types of services such as:
Drafting and recording of the lease contract;
Customer support during the inventory:
Management of subscription contracts (water, electricity, Monaco Telecom etc.).
The minimum period of a lease in Monaco is one year, of course you can request longer periods. It must be considered that the tenant is responsible for paying the rent over the entire term of the lease; in practice, this means that you have to pay off the remaining months if you leave early and the landlord has not found a new tenant. The classic rental arrangements also apply to the Rock. Thus, rents are indexed to the benchmark rental index (IRL) or to the building index (BT01).
In addition, be aware that in certain special cases a systematic increase of around 3% is applied each year. Of course, at the end of your lease, you must return the rental in the same condition as you found it.
Our advice for renting apartments in Monaco without a hitch
The search for a property as well as the assembly of your rental file are generally done by a real estate agency. However, we advise you to make an inventory in the presence of a bailiff. Why ? In the event of a dispute, you will thus have an official document to oppose and you will be able to easily recover your security deposit. Of course, our agency supports you in all your efforts to protect your interests.
Are you coming to the end of your lease? Are you about to leave your accommodation? We advise you to repaint your apartment before leaving it. Indeed, the painting of the apartment is requested for any end of the lease.
Finally, to avoid unpleasant surprises, it is useful that you know the business process for renting an apartment in Monaco. Thus, the reservation of an apartment for rent on the Rock is only effective when these three conditions are met:
Signing of a rental agreement;
Payment of the security deposit;
Payment of agency fees.
All leases in Monaco are registered with the Registration Department, when you have the copy of the registered lease and your electricity bill (SMEG), you can prove that you are domiciled in Monaco and you can complete your files for the rental opening a bank account in Monaco and applying for residence.