Rents with benefits: the burgeoning market of Monaco

Rentals in Monaco are booming. The return of international travel along with the current stability of the housing market have made rentals extremely popular, especially for prospective property buyers who want to dip their toes in the real estate waters before taking the plunge.

Big name developments such as the Richard Rogers-designed Monte Carlo One complex overlooking Casino Square in the heart of Monte Carlo may give the impression that €125,000 to €250,000 per month is the norm, but in fact these represent only the very top end of what is a remarkably wide range of rental prices; and it certainly pays to shop around.

For instance, LaCosta Properties are offering a four-room 130m2 apartment with stunning sea views on Boulevard de Belgique for €7,500/month; a light and airy sixth floor 5-room apartment of 170m2 near Casino square for €10,500/month, and an exceptionally pretty villa with large garage in Monte Carlo for €12,500/month. A 6-room duplex apartment of 230m2 is also available at €25,000/month via the same agency. All of these would suit a couple or small family.

Exceptionally pretty 5-room villa with garage available from LaCosta Properties (sole agent)

The other class of renters are those who are looking for longer-term residency with luxury-class amenities, and above all, a concierge service. Renting at any cost anywhere in the world is not without its anxieties, but the huge advantage of a service that acts as gatekeeper, repair service and reservations agent frees up time and reduces day-to-day worries to a point where you can actually enjoy life as is meant to be enjoyed. Miells are sole agents for a large apartment of 276m2 (including terraces) in the increasingly popular district of La Rousse at €29,500/month. Nearby you can find an impressive 182m2 four-room apartment in the 50-storey Tour Odéon, whose services and amenities, including spa, café by Cipriani and business centre, rival those of a luxury hotel.

A spa is just one of the luxury amenities offered to residents of the Tour Odeon

Other luxury residences offering concierge services include Le Mirabeau (home to the larger Cipriani Restaurant), Le George V and Le Park Palace, all located in the Carre d’Or of Monte Carlo. Outside the centre, concierges and fully-serviced properties are available in the Palais de la Plage in Larvotto, Le Stella in La Condamine district, and L’Exotique in the district of the Jardin Exotique.

Concierges and luxury amenities are not confined to larger rentals. Savills offer a number of luxury studio and 1-bedroom apartments (as well as larger lets) as part of their portfolio in the fully-serviced Columbus building in Fontvieille. Beautifully laid-out and furnished, they represent some of the best-value rentals in the area, priced at between €6,600 and €35,500 per month.

Apartment in the Columbus residences in Fontvieille

And for those with a view to a long-term relationship…

If you are thinking of relocating to Monaco (i.e. staying longer than 90 days) it’s extremely important to read up on all the small print. For instance, as a tenant, you will be expected to provide proof of earnings. This could be a bank statement or employment contract. You will also be asked to pay the first quarter’s rent in advance, as well as a deposit and a 1% registration fee.  Leases are renewed annually, although it may be possible to negotiate a longer lease period at the outset.

If you are a couple with a child, you won’t be able to apply for a residence permit if you are only renting a studio (one-bedroom) flat: for the application to be successful, you must have a separate room for your child and for you and your spouse – in other words at least two bedrooms. This and other handy tips can be found in this feature.

Despite the rental prices outstripping those of comparable markets, Monaco, with its tax-free status, continues to be an extremely popular choice. Demand has always been high, historically, but the number of new build condos and residences goes some way to alleviating that pressure. If you have the means, look at Mareterra, the new Renzo Piano complex on the astonishing reclaimed district between Larvotto and Port Hercules. To find out more about this stunning new development, visit us again soon.