Renting an apartment in Monaco is one of the best ways to enjoy the very best that the Principality of Monaco offers while also offering a route to residency for those that desire it.
The city-state has a vibrant rental market with a wide range of apartments available to rent, from chic studios to lavish multi-room apartments and penthouses, many boasting superb amenities such as gyms, swimming pools, and concierge services.
The rental market in Monaco is highly competitive, so it’s important you work with an experienced real estate agent. If you’re searching for apartments for rent in Monaco, then read on. The rental experts at La Costa Properties Monaco detail everything you need to know.
Can I rent an apartment in Monaco?
Anyone can rent an apartment in Monaco, including foreign nationals. However, some rental apartments are reserved for Monegasques only. The Principality has various sectors, including the non-regulated, state, and regulated sectors. Apartments in the non-regulated sector can be rented by anyone, regardless of nationality, and the terms of the lease, including the amount of rent payable, are determined freely by the landlord. An experienced real estate agent will be able to help you identify which apartments you can rent and arrange viewings.
What is the process for renting an apartment in Monaco?
The process of renting an apartment in Monaco is relatively easy. The key to a smooth process is to work with an experienced Monaco real estate agency, such as La Costa Properties Monaco. Due to demand, the market is competitive and fast-moving. Working with a real estate professional will help ensure a seamless process and that your best interests are protected by providing advice at every stage.
Our rental agents will first listen to your needs and then handpick a selection of rental apartments that meet your needs. They will arrange viewings at a time that is convenient to you, answering any questions that you may have with regard to the property.
Once you have decided on the apartment you wish to rent, a lease or rental agreement will be drawn up. In the non-regulated sector, which is open to any nationality, the terms are set by the landlord. The lease will include details such as the rental term and amount, payment due date, termination and renewal clauses, liability for utilities, and security deposit. Rental terms are typically 1-year, with the option to renew, while security deposits are typically three months’ rent. Properties in Monaco are available both furnished and unfurnished. If the property is furnished, the lease will also include a detailed inventory. Before signing, make sure you read the lease fully and are happy with the terms and conditions.
Deposit & documents
Once the lease is signed, you must provide the necessary documents and pay the requested deposit amount detailed in the lease agreement, the first month’s rent, and any agency fees.
Before moving in, you should carry out a detailed inventory check, and it’s always a good idea to take video or still images as a record of the property’s condition. Most people will arrange for this to be carried out by a bailiff. Our agents will be able to assist you with this aspect.
Tenancy & utilities registration
Once all the above aspects are fulfilled, you will need to register the relevant utilities – gas, electric, and water – in your names, and also register the tenancy. Again, La Costa Properties Monaco will be able to provide guidance on these aspects. You may also wish to take out tenancy insurance. If you are new to the Principality, upon the completion of registration of the rental agreement, you will be able to apply for Monaco residency.
All that is left to do is collect the keys and move into your new home!
What documents do I need to rent an apartment in Monaco?
Having all the necessary documents ready before you start your Monaco rental search will help ensure a smooth process and enable you to make a quick decision once you find your dream property.
You will need the following documents:
- A photocopy of an identity document, such as your passport
- Proof of address, such as a utility bill
- A letter of reference from your bank
How much is rent in Monaco?
The cost of renting an apartment in Monaco varies depending on the size of the apartment, the floor it is located on, whether it has sea views, the Monaco building the apartment is located in and its amenities, as well as the district. Luxury apartments in exclusive districts such as Larvotto and Monte-Carlo will typically attract a higher rental amount, as will apartments in luxury buildings with an exclusive selection of amenities, such as fitness centres, swimming pools, spa facilities, and concierge services. It is no secret, however, that rental prices in Monaco are amongst the highest in the world due to high demand and limited land mass. The average rent in Monaco for a 1 bedroom is 5,891 Euros per month and over 18,000 Euros for a 3 bedroom apartment.
How can La Costa Properties Monaco help me find Monaco apartments for rent?
If you’re considering renting an apartment in Monaco, trust the experts at La Costa Properties Monaco. We are a family owned, leading Monaco real estate agency with over 40 years of industry expertise. Thanks to our reputation, we offer an exquisite selection of some of the Principality’s finest Monaco apartments for rent, including off-market rentals. Our team of multilingual agents are ready to assist. Contact us today and discover how we can help you find your new home in Monaco.