Rent an apartment in Monaco : The complete guide
A small principality nestled on the French Riviera, Monaco is synonymous with luxury, glamour, and exceptional quality of life. Renting an apartment in Monaco is a unique experience that can lead to obtaining Monegasque residency.
Rental prices in Monaco vary depending on various factors such as the size of the apartment, location, amenities, neighborhood, and luxurious features of the building, they can be among the highest in the world. With a dynamic yet competitive rental market, the services of an experienced real estate agency in Monaco will help you find your ideal home and guide you through the process until you obtain the keys to your future apartment.
Why chose Monaco to rent an apartment ?
Monaco is renowned for its safety, pleasant year-round climate, and exceptional lifestyle.
Residents benefit from numerous advantages:
– Favorable tax system: Monaco does not levy income tax, making it an attractive destination for entrepreneurs and expatriates.
– Strategic location: Close to France and Italy, with easy access to Nice International Airport, which serves over 120 destinations in 45 countries (20 minutes by car from the center of Monaco).
– Luxurious lifestyle: Casinos, Michelin-starred restaurants, prestigious events like the Monaco Grand Prix, Rolex Monte-Carlo Masters, Monaco Yacht Show, or the International Circus Festival.
– Safety: Monaco is one of the safest places in the world, with a permanent and substantial police presence.
The Principality comprises different rental sectors: the free sector, the state-owned sector, and the regulated sector. Housing in the free sector is accessible to anyone, regardless of nationality.
Key steps to find your apartment for rent in Monaco
Step 1 – Define your needs and budget:
From elegant studios to luxurious penthouses, a wide variety of apartments and houses are available. You can also specify your preferences for high-end services and amenities such as gyms, pools, and concierge services.
Step 2 – Contact a real estate agency:
By choosing Miells-Christie’s agency, you will have full access to all rental offers available in Monaco. Thanks to our extensive network and close relationships with other agencies, we can present you with properties managed by both our agency and our colleagues. This allows us to centralize all the information so you can make a decision from a wide selection and under the best conditions.
Step 3 – Visiting selected properties:
Our agency takes care of all the arrangements to allow you to visit the properties that best meet your needs and expectations. We accompany you on-site during the visit to answer all your questions.
Step 4 – Constituting the “tenant” file:
You have made your choice and wish to submit your file to the landlord. For this, we will create a file with you including:
– A pre-contractual document called “Rental Commitment” that identifies the future tenant, the concerned property, and the main terms of the contract, including financial details.
– Supporting documents: a valid ID, proof of address, bank details (preferably Monegasque), a bank guarantee, or any other document proving solvency.
– An initial payment by check or transfer to reserve the property and confirm the seriousness of the offer. This payment includes the security deposit and agency fees.
Here is a summary of the costs to be expected before obtaining the keys, according to Monegasque practices:
– 3 months’ rent: In Monaco, rents are payable quarterly in advance. • A security deposit: It is equivalent to 3 months’ rent plus charges.
– 1% registration fee on rent and charges for the duration of the lease, with a possible surcharge of 0.5% in case of joint guarantees.
– Administrative and agency fees: Equivalent to 10% of the annual rent excluding charges + 20% VAT on the first year’s rent.
Example on a 2P in Fontvieille at 5000€ (rent) + 400€ (charges) The calculation of agency fees is (5000*12)/10 = 6000€ + VAT (20%) = 7200€
Step 5 – Acceptance by the landlord:
The acceptance of the lease by the landlord or their representative legally binds the parties, except in the case of suspensive clauses.
Step 6 – Signing and registering the lease:
All required documents are then gathered, the payment balance is made, and the lease is signed. Our teams then take care of registering the lease with the Tax Services. Your copy will be given to you to complete the residence application procedures with the Public Security, allowing you to establish your residency rights in the Principality.
Step 7 – Subscribing to insurance and services:
Our teams are available to help you with home insurance subscription procedures. We can also set up all necessary subscriptions for you, such as electricity, water, internet, maintenance, or any other service.
Step 8 – Property condition report:
Monegasque regulations require landlords to provide a detailed report of the condition of the apartment for rent, along with an inventory of items included in the lease, such as furniture, appliances, and accessories. This condition report and inventory must be signed by the tenant and the landlord. A copy will be given to you on this occasion.
Discover now the apartments, houses, and other properties available for rent in Monaco or contact our agency directly.
Are you a property owner looking to entrust the management of your property to an experienced agency? Our Property Management service is at your disposal to answer all your questions
