Monaco is one of the world’s most desired destinations to live with the world’s wealthiest, with many choosing the principality as their permanent home.
A rental is the first choice for those wishing to live in Monaco. It gives people flexibility and a hassle-free home where all maintenance issues are the responsibility of the landlord or landlady. Additionally, renting, or buying a property in Monaco, is a condition of the principality’s residence application.
If you’re thinking about moving to Monaco, read our guide to renting a property in the principality, from standard lease requirements to agents, types of properties, and best rental locations.
Renting in Monaco
Renting a property in Monaco (or buying one) is a central step in becoming a resident of the principality. To apply for a residence permit, you must prove that you have accommodation in the city-state large enough for the number of people in your household. It is important to note that it is illegal to remain in the principality for more than three months unless a residence permit application has been made.
Rental agreements in Monaco are typically for a minimum of one year, and leases are renewed automatically unless either party terminates the lease three months before its end date.
Renters typically pay the equivalent of three months’ rent upfront as a deposit and have to page agency fees. Most landlords request that a tenant also pays three months’ rent in advance, plus any other property charges listed in the tenancy contract.
Before moving into a rental property in Monaco, the agent will draw up an inventory and condition report, which will detail all chattels included in the property as part of the rental and the apartment’s condition. The deposit must be returned to a tenant within two months of the end of the lease, subject to the property and its contents being returned in good condition and all other obligations of the lease being upheld.
Rental increases in Monaco are raised or lowered in line with the index of reference of rents, published by the National Institute for Statistics and Economic Studies.
What are the types of properties for rent in Monaco?
There are several different types of properties to rent in Monaco, and the price will depend on the size of the property, its condition, and location. Almost all rentals in Monaco are apartments, with villas and houses being exceptionally rare.
Apartments span from studios to voluminous five or even six-room apartments, offering flexible space for the entire family. Of course, there are also highly sought-after penthouses.
Many apartments for rent in Monaco boast spectacular sea views, and most are luxuriously appointed, boasting high-end finishes and designer touches. Many residences also offer a roster of amenities, including dedicated concierge services, swimming pools, fully equipped fitness studios and even on-site spas and restaurants.
Where to rent property in Monaco?
As Monaco is such a small country (technically the second smallest country in the world, after Vatican City), you will be close to all the principality’s best attractions wherever you rent in Monaco. However, some districts in Monaco are particularly sought-after, thanks to their central location and desired amenities.
The most popular districts in Monaco include Monte-Carlo, particularly around the famed Carre d’Or, home to the principality’s most luxurious amenities, including world-class restaurants, designer boutiques and lavish resorts; Larvotto, with its stunning public beach, La Condamine, home to Monaco’s legendary Port Hercules, and Fontvieille, where the heliport is located.
However, the new eco-district, Mareterra Monaco, is set to top all of Monaco’s most desired districts as the place to live in the city-state. The new land reclamation project features super-prime waterfront villas, luxury townhouses, apartments and penthouses, a new marina, lush gardens, a waterfront promenade, and retail outlets. Moreover, the district is being built to align with Prince Albert’s II commitment that the principality will be carbon neutral by 2050 and, as such, boasts state-of-the-art sustainable features built into the very fabric of the development.
How to rent a property in Monaco?
The best way to rent a property in Monaco is to work with an experienced real estate agency. The best real estate agents in Monaco will have access to the most sought-after rental properties and will be able to expertly guide you throughout the entire rental process.
Once you have found your ideal property to rent, all that is left to do is move in and start enjoying Monaco’s famed luxury lifestyle.