Renting a flat in Monaco can be a crucial step in acclimatising to the environment, choosing the right neighbourhood, assessing nearby amenities, and making an informed decision before purchasing a property. Here are some steps to follow when renting a flat in Monaco: Renting a flat in Monaco can be a complex process due to the Principality’s specific legal requirements. The following is a step-by-step guide on how to go about it, following the advice of real estate agency House&Co. :

 

1. Working with a Monaco estate agent

 

Make it easy on yourself, and contact our House&Co. team for your search. Working with a trusted real estate agent is crucial to facilitating the process. The brokers at House&Co. know the Monegasque property market inside out and will guide you through the various stages, helping you to understand the local regulations. Our team has access to all properties on the market as well as off-market properties. If you are interested in renting a flat, our estate agents will help you to select the rental offers best suited to your profile.

 

2. Find the ideal rental

 

Determine your requirements in terms of accommodation, whether it’s a flat, villa, penthouse, etc. Communicate clearly to your agent your criteria of choice such as budget, preferred area, length of lease, and facilities required. Give us your criteria and we will take care of the rest.

The contracts : agreement and lease

3. Preparing the Rental Contract: the agreement

Once the property has been chosen, House&Co. agents will collect the documents needed to draw up the rental contract: valid identity document, proof of address (invoice or current rental contract), bank certificate or proof of income. Bank certificate from a Monegasque bank:

– Tenants must provide a bank certificate issued by a Monaco bank.

– This certificate can be used to prove the tenant’s financial solvency, an important step in the rental process.

Opening a bank account in Monaco:

– Monegasque regulations require prospective residents or tenants to open a bank account in Monaco.

Taking out home insurance :

– Tenants must take out home insurance or comprehensive home insurance.

– This insurance will cover any accidents or damage to the property during the rental period.

4. Signing the rental the lease

The regulations of the Chambre Immobilière Monégasque impose certain clauses and specific requirements on the lease contract when renting a flat in Monaco. The lease contract must detail the general conditions of the tenancy, including all aspects relating to the occupation of the property: dates and duration (generally between one and three years), rental charges, monthly service charges, method of payment, description of the property, start date of the contract and amount of the deposit. On entry, an inventory of fixtures certifying the condition of the property is compulsory. This must be signed by the incoming tenant and the owner. The estate agency will take care of all the arrangements. ** Once the lease has been registered with the tax authorities, you can apply for a residence permit. Steps are taken with the Monaco police. Compliance with these contractual clauses is essential to ensure that the rental complies with Monegasque regulations and to facilitate the administrative process involved in living in Monaco. It is strongly recommended to consult a local real estate professional to ensure full understanding and compliance with all legal requirements.