Monaco apartments for rent guide
Monaco apartments for rent are one of the greatest investments and a superb alternative until you can be confident you want to buy in the city-state.
Monaco rentals allow you time to familiarise yourself with your surroundings and decide what you seek from your own home, including the district, amenities, property type and other requirements. It also enables you to establish your residency, allowing you to take advantage of the favourable tax system.
Discover our guide to acquiring a Monaco apartment for rent.
1. Work with a real estate agent
Working closely with a trusted real estate agent can make acquiring a Monaco apartment for rent a seamless experience. Ageprim understands how to navigate the principality’s fast-moving and demanding property market, as well as the stringent landlord laws in Monaco. Our agents will help you sort through the wide selection of Monaco apartments for rent in order to find the perfect one for you. With their in-depth knowledge of the local market, they can help ensure you comply with all laws, requirements, and regulations.
Ageprim boasts an extensive portfolio of Monaco properties for rent. Our listings feature a unique selection of prime property, including off-market real estate that isn’t publicly advertised.
2. Find the right property
The next stage is to find a Monaco rental that perfectly suits your needs. You can choose from several types of property throughout the principality, from Belle Epoque villas, penthouse suites, studios and 5-bedroom apartments.
It is essential to provide Ageprim with all the information you want from your rental property, including your budget, your desired location, your preferred type of lease, and the desired amenities so that our agents can help you find the perfect home.
Once you and your agent have narrowed down the list of prospective Monaco apartments for rent, you may have to plan for an in-person viewing and inspection of the properties.
3. Prepare the lease agreement
Once you have found your ideal Monaco apartment for rent, our agents will prepare the necessary documents for the lease agreement. This will include valid proof of identity, proof of address, such as a recent utility bill or an existing lease agreement, and your current employment status, which shows you have enough funds to cover the rent.
Residents of Monaco’s rental properties will also be asked to provide a banking certificate from a Monaco bank. Landlord laws in Monaco require that prospective Monaco residents open a bank account with an initial deposit of at least €500,000. They will also be asked to acquire household insurance, or assurance multi risque habitation, which covers potential accidents and damages in the property during their tenancy.
The applicant is responsible for paying the rental (3 months of rental value) and service charge deposits (3 months of service charge value), plus the agency fees (10% of the first annual rental plus 20 % VAT) upon signature of the rental offer called Engagement de Location. Once accepted by the owner, the lease will be edited.
The second payment required before the signature of the lease is 3 months rent and 3 months service charge, the lease registration fee (1% of the annual rental plus service charges), the cost of the administrative stamps (Approx. 30€) and the inventory cost.
4. Sign the lease agreement
The lease agreement details the terms and conditions for the lease, which are standard based on regulations from the Chambre Immobilière de Monaco.
The agreement for the Monaco apartment for rent typically includes the rental fees, monthly service fees, duration of the lease (1 to 3 years usually), method of payment, the description of the property, the start date of the contract and the deposit amount.
As well as this, the landlord laws in Monaco require a report detailing the condition of the Monaco apartment for rent and an inventory of the items included with the lease, including furniture, appliances, and fixtures, must also be signed by both the resident and the landlord. If you are applying for residency in Monaco, the duration of your lease should be at least one year. Once the lease has been registered (approx. 10 working days), it is possible to apply for a residency card.
How Ageprim can assist with landlord laws in Monaco
Ageprim is a leading authority in Monaco real estate, establishing its reputation with a high-end international clientele through passion, trustworthiness, and discretion. If you are seeking a Monaco apartment for rent and want to learn more about navigating the landlord laws in Monaco, then contact our trusted real estate agents today.