Renting an apartment in Monaco is a unique process, with distinct specifics that may surprise prospective tenants unfamiliar with the Monegasque market. This guide provides an overview of the costs involved and the essential services to help you successfully settle in the Principality. Initial Rental Fees In Monaco, rental fees for all types of properties reflect market standards and contribute to the security of property owners while offering quality housing to tenants. These initial fees include two distinct and systematic aspects: Advance payment per quarter: This advance on rent is the first financial aspect to consider. In Monaco, it is common for landlords to request several months’ rent in advance, usually three to four months, but it can go up to a full year, depending on the property and the owner. This advance secures the rental and demonstrates your commitment. It is important to note that after this, rent is generally paid on a quarterly basis. If you rent an apartment managed by Miells – Christie’s International Real Estate, you will receive a quarterly payment notice. You can then pay your rent by check, bank transfer, or SEPA direct debit set up at the start of the rental agreement. The security deposit: In addition to this advance, you will need to provide a security deposit, equivalent to 3 to 6 months’ rent depending on the agency. This deposit is intended to cover any repairs or restore the apartment at the end of the rental. The security deposit will be returned to you within two months of your departure, provided no damages are noted during the exit inventory. This advance and deposit guarantee an exceptional and secure living environment in the heart of the principality, where the real estate market is tight. Real Estate Agency Fees and Included Services Real estate agencies in Monaco play a key role in the rental process. Agency fees amount to 10% of the annual rent excluding charges, plus 20% VAT. This rate is common to all agencies and is determined by the Monegasque Real Estate Chamber. These fees include local expertise and the following comprehensive services: Analyzing your needs and identifying properties that match your criteria, even the most demanding ones. Organizing apartment viewings Negotiating rental contract terms in some cases Drafting leases and managing all administrative documentation Communicating with other agencies (if applicable) to facilitate the rental process Daily management and assistance throughout the rental period Additionally, thanks to an interconnection between Monaco’s real estate agencies, they have access to the entire real estate market in real-time. Thus, choosing an agency allows you to access all available properties, even those not yet listed on online platforms. In a competitive market like Monaco, this service is a major asset to guarantee access to the best properties before they are publicly advertised. At Miells-Christie’s, we can also handle administrative tasks such as setting up electricity, water, and internet contracts, making your move into your new home easier. Additional Charges and Fees for Renting an Apartment in Monaco In addition to the initial fees, there are other equally important and essential charges to consider when renting an apartment in Monaco: Registration fees: Registering the lease with the Monegasque authorities is a requirement that incurs a fee of 1% of the total rent and charges for the lease term, with a possible increase of 0.5% in case of joint guarantors. Miells-Christie’s handles this formality for you by going directly to the registration office. Entry inventory : Generally at the tenant’s expense, this can be carried out by a bailiff or a specialized company. The cost depends on the size and complexity of the apartment. The exit inspection is usually at the owner’s expense. At Miells-Christie’s, this practice is internalized and free of charge (excluding bailiff intervention) Home insurance: It is mandatory in Monaco and should be arranged before signing the lease. Just like subscriptions to essential services (electricity, water, internet), we can arrange this insurance on your behalf to simplify your move. Monthly rental charges: These cover the maintenance of common areas, collective heating (if available), and sometimes water. These charges vary from one building to another and are provisioned monthly. They are then adjusted annually based on actual expenses. In luxury buildings in Monaco, these charges also cover additional services such as concierge service, 24/7 security, or access to high-end facilities like a pool or gym. Careful Preparation: The Key to Your Success To ensure a successful move to Monaco, it is essential to prepare your application carefully and accurately calculate your budget, taking all additional fees into account. The variety of services offered by Miells-Christie’s and our in-depth knowledge of the market will guarantee you a hassle-free rental experience in the Principality. The associated fees reflect the exceptional local quality of life and are part of the Principality’s standards. By choosing to settle in Monaco, you enjoy a privileged, secure, and prestigious living environment. In summary, to succeed in your rental in Monaco, the support of an experienced agency like Miells-Christie’s offers you valuable peace of mind and allows you to avoid administrative complications while accessing the best market opportunities. Contact us now to discover available properties and begin your move under the best conditions. Discover also ...The Apartments under Law 887 in Monaco: A Complete GuideThe Real Estate Market Records of Monaco in 2024Compliance for Real Estate Agencies in Monaco: Challenges, Constraints, and Solutions
