Guide to Renting a Property in Monaco
Monaco Rental Process Explained
When renting a property in Monaco it is important to know the various requirements and processes involved. The guide below aims to help you understand this procedure in more depth.
The process is to make a written offer for the apartment setting out the price you will be prepared to pay and your other conditions and also agree that if the offer should be accepted and you desist, that you will forfeit the 3month rental deposit and also pay the agency commission (10% of the annual rental plus VAT at 20%). Copy of the client’s ID must be annexed to the offer and often a bank reference will be required.
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When you make the offer, it is usual practice to back up the offer with a cheque drawn on a Monaco bank which represents the 3month rental deposit mentioned above plus the agency commission. This is not cashed till the offer is accepted but should the offer be accepted and you then withdraw, the cheque is cashed and both sums are forfeited to compensate the owner and agency for work done and time lost.
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If you do not have a Monaco bank account yet, usual practice is to make a bank transfer covering the above sums in our favour so that we hold the funds and you make an offer; or we try to persuade the landlord’s agency to present the offer with an undertaking to get the transfer sorted as soon as the offer is accepted; or the client’s employer (if he/ she is employed in Monaco) writes a cheque for you which is often the simplest solution…. To be discussed with the landlord’s agents once you have made your mind up.