How to rent an apartment in Monaco?
When renting an apartment in Monaco, certain documents, as well as liability and insurance, must be provided. If you are considering relocating to the Principality and renting an apartment, here are some useful tips to ensure a smooth process.
1) Prepare your file with care.
To avoid disappointment, define your selection criteria and budget carefully. Price differences between neighborhoods and buildings can be significant, so being specific will help the real estate agency offer you the apartment that best suits your needs.
For example, in the Jardin Exotique and La Rousse - Saint Roman districts, you can find 2-room apartments starting at €3,500/month and studios starting at €1,700/month. These neighborhoods are typically the most affordable, but the apartments are often in bourgeois buildings rented without parking and subject to law (with priority given to Monegasques and residents with a certain number of years of seniority).
On the other hand, the more prestigious residences of Fontvieille, Monte-Carlo, and the Carré d'Or can have prices up to €15,000/month for a 2-room apartment and €13,000/month for a studio. These exceptional apartments offer breathtaking sea views and are located near iconic Monaco locations such as the Place du Casino de Monaco, the Metropolis, and the Port of Monaco. The residences themselves provide services worthy of the most luxurious palaces, including 24-hour concierge service, a swimming pool, spa, gym, and more.
As compliance requirements are some of the strictest in Monaco, it is essential to prepare all the necessary documents beforehand. These include a photocopy of your identity card and passport, proof of address, curriculum vitae, and a reference letter from your bank. By gathering these documents, you will be able to position yourself quickly and efficiently for the apartment of your choice.
2) Verify the rental offer
Once you've decided on an apartment, your agent will prepare a rental offer that typically includes the rental price, lease duration (usually between one and three years), an inflation clause indexed on the rental price, payment frequency, and more.
It's no secret that there are numerous real estate agencies in Monaco, and customers naturally gravitate towards the most responsive ones that communicate fluently in several languages and have a storefront presence. Since the minimum lease duration is one year, it's essential to find a dependable and responsive agency that can support you throughout your rental period.
Please note that landlords typically ask for a bank reference letter as proof that the prospective tenant has a good reputation and can pay the rent for the entire lease period. Also, keep in mind that utilities such as electricity, gas, water, and internet are typically not included in the rent and are paid separately by the tenant.
If the landlord accepts your offer, you will need to promptly pay the deposit (often equivalent to three months' rent) and the agency fees to reserve the apartment.
3) Sign the rental contract
All that's left for you to do is sign the rental contract and everything will be in order. Your real estate agent will prepare the contract and schedule an appointment for inventory, which is the tenant's responsibility upon arrival. The inventory at the end of the lease, upon departure, is the responsibility of the owner.
Before signing the contract, you'll need to pay the remaining amount, including the first rent (including charges), the registration fee for the rental contract (which is 1% of the annual rental amount and charges), as well as the inventory costs. Since sureties are significant in Monaco, owners and tenants often call upon a bailiff to conduct the inventory, which can cost anywhere between €500 and €2,000, depending on the size of the apartment.
Once the contract is signed, your real estate agent will take care of the final details such as changing the name on the charges, apartment insurance, handing over of keys, and registration of the rental. After ten working days, you can apply for official Monegasque resident status, once the rental has been registered.
While insurance isn't mandatory, it is strongly recommended to protect tenants in case of accidents or material damage. Tenants are obligated to keep the apartment clean and in good condition, and responsible for repairs and maintenance not related to natural wear and tear.
If you're interested in renting apartment in Monaco, discover our rental offers here.
