Monaco, the Principality located on the French Riviera, is renowned for its glamour, luxury and exclusive lifestyle. If you are considering renting an apartment in Monaco, it is essential to understand the specific conditions and procedures related to renting in this small sovereign state. In this article, we will guide you through the necessary steps to rent an apartment in Monaco and provide you with information about the rental conditions.
Search for an apartment
The first step to renting an apartment in Monaco is to search for available real estate. It is recommended to use an experienced real estate agency: PIRAS IMMOBILIER is specialized in the rental / management of any type of property, which can help you in your search and accompany you throughout your installation. It should be noted that the majority of apartments offered for rent in Monaco are unfurnished.
Budget and financial guarantees
Before renting an apartment in Monaco, it is important to evaluate your budget. Rents in Monaco are among the highest in the world, so it's essential to consider your financial resources. In addition, landlords may require solid financial guarantees, a bank letter of guarantee or bank guarantee in addition to the security deposit equivalent to several months' rent which is used only for possible repairs at the tenant's exit.
Once you have found an apartment that matches your criteria, you will need to provide certain supporting documents when applying for a rental. This may include a copy of your passport, proof of address, business references, and proof of income.
Signature of a rental commitment and then lease
A rental offer equivalent to a pre-contract is signed by the lessee and presented to the owner for acceptance. The prospective lessee must pay the security deposit to reserve the chosen apartment, before signing the lease upon acceptance by the owner.
In the Principality of Monaco, rental contracts are governed by Monegasque law. It is established by the Real Estate Agency between the owner and the tenant, detailing the rental conditions, the duration of the lease (1 year minimum for the residence), the amount of rent and the terms of payment. The payment of rent and condominium fees is generally made by calendar quarter anticipated on the bank account of the Real Estate Agency.
Landlords in Monaco usually require a security deposit, which is usually equivalent to three months' rent. This security deposit is kept by the Real Estate Agency or the owner, and refundable at the end of the lease, subject to the condition of the apartment during the inventory of fixtures of exit.
The agency fees for renting a property in Monaco amount to 10% HT of the annual rent, official rates of the Monegasque Real Estate Board. These fees cover the various services such as the search for the property, the drafting of the lease contract, the accompaniment during the inventory of fixtures and the management of subscription contracts.
Additional charges and charges
In addition to the monthly rent, it is important to take into account additional charges such as :
- Condominium fees paid at the same time as the rent, quarterly ; These charges mainly include concierge services and maintenance of common areas. These costs may vary depending on the size of the apartment and the services included.
- Electric Contract (SMEG)
- Monaco Telecom contract (internet/television/telephony)
- Compulsory home insurance contract
Registration of the lease
Leases in Monaco must be registered with the Registration Department. Once the lease is registered and in possession of the registered copy, the electricity contract (SMEG) and an electricity bill, you will be able to justify a domicile in Monaco and carry out other procedures : the opening of a bank account and the application for residence with the Public Security section President. The registration fee represents 1% of the annual rent plus charges and is paid to the Agency in the first year.
Residence and residence permit
It is important to note that renting an apartment in Monaco does not automatically guarantee the right to reside in the Principality, you must apply to the authorities. Any person aged at least 16, wishing to stay in Monaco for more than three months a year or wishing to establish residence there, must apply for a residence permit from the Monegasque authorities. PIRAS Immobilier can assist you during this process.
Renting an apartment in Monaco can be an exciting experience, but it is essential to understand the specific conditions and procedures related to renting in this small sovereign state. By following the steps outlined in this article and getting advice from local experts, you can make sure you find the apartment that meets your needs and take full advantage of all that Monaco has to offer.