How to rent a flat in Monaco?
Documentation required, liability, insurance… Monaco Tribune provides an overview.
Want to move to the Principality? If you choose to rent, here are a few practical tips on how to settle in Monaco, stress-free.
1) Do your homework
To avoid disappointment, you should clearly set out your selection criteria and, above all, your budget. There are substantial differences in price between the different neighbourhoods and buildings, and it is important to be as specific as possible so that the estate agent can suggest the flat that best suits your needs.
For example, you can find two-roomed flats for 3,500 euros/month and studio flats at 1,700 euros/month in the Jardin Exotique and La Rousse – Saint Roman districts, which are often the cheapest areas. But these are also mainly flats in older, bourgeois buildings, rented without parking, and in ‘under law’ buildings (i.e. priority to Monegasques and residents with a certain number of years of residency).
Conversely, in the more prestigious residences of Fontvieille, Monte Carlo and the Carré d’or, prices can rise to 15,000 euros/month for a two-room flat and 13,000 euros/month for a studio. Of course, these exceptional flats offer magnificent sea views and are located close to the Principality’s iconic landmarks, such as place du Casino, the Métropole and the Port of Monaco. The residences in which they are located provide amenities that are worthy of the top hotels, with concierge services available at all hours, swimming pool, spa, gym, etc.
Compliance requirements are very strict in Monaco, so be sure to prepare all the documents you need: photocopy of your identity card and passport, proof of address, curriculum vitae and a letter of reference from your bank. Once you have all these documents together, it will be easier for you to make a quick decision on the flat you want.
2) Check the rental offer
Once you have chosen the flat, your agent will draw up the rental offer, which usually contains the following: the rental price, the duration of the lease (usually between one and three years), an inflation clause (rental price indexation), payment frequency, etc.
It is no secret that there are many real estate agencies in Monaco. Clients will therefore naturally tend to turn to the most responsive agencies, ones that communicate perfectly in several languages and are well established. As the lease is for a minimum of one year, it is important to find a reliable and responsive agency that will be able to support you throughout your rental period.
Please note: the landlord will usually ask for a reference letter from the prospective tenant’s bank, stating that he/she is of good character and is able to pay the rent for the full term of the lease. Please also note that utilities (electricity, gas, water, internet) are generally not included in the rent and are paid separately by the tenant.
If the landlord accepts your offer, you will need to pay the deposit (often three months’ rent) and the agency fee quickly to reserve the flat.
3) Time to sign
All that’s missing is your signature to seal the deal. Your real estate agent will prepare the rental agreement and schedule an appointment to carry out an inventory of fixtures, which is charged to the tenant upon arrival. The cost of the inventory of fixtures at the time of departure, at the end of the lease, is borne by the landlord.
Before signing your contract, you will be required to pay the outstanding amounts, i.e. rent for the first period (including charges), the registration fee for the rental contract (i.e. 1% of the annual rental amount including charges), as well as the cost of the inventory of fixtures.
As deposits can represent significant sums in Monaco, owners and tenants often choose to call on a bailiff to carry out the inventory of fixtures. The cost can vary from 500 euros to 2,000 euros, depending on the size of the flat.
Once the contract is signed, your estate agent will take care of the final details (change of name for utilities, flat insurance, handing over the keys, registration of the tenancy etc.). You will be able to apply for official Monegasque resident status after ten working days, once the rental has been registered.
Although liability insurance is not compulsory, it is strongly recommended to protect the tenant in case of accidents or property damage. Tenants are required to keep the flat clean and in good condition. They are also responsible for repairs and maintenance other than normal wear and tear.
Looking to rent in Monaco? Check out the properties for rent through Monaco Propertiesagency.