Monaco is a principality synonymous with luxury and glamour, attracting numerous investors from around the world each year. If you're considering renting a property in this prestigious principality, it’s essential to understand the associated costs. Here is a detailed overview of the various fees you will need to anticipate:

1. Monthly Rent
   The monthly rent in Monaco is, unsurprisingly, among the highest in the world. Prices vary depending on several factors, including location, property size, and the services offered by the building.

• Studios and one-bedroom apartments: Rent for a studio or one-bedroom apartment generally starts around €3,500/month.
• Two to three-bedroom apartments: For larger apartments, prices can range from €5,000 to €20,000/month, depending on location and property quality.
• Luxury apartments and penthouses: The most exclusive properties can command rents exceeding €50,000/month.

2. Service Charges
   Service charges in Monaco generally cover the maintenance of common areas, concierge services, water, and sometimes heating. They can add an extra cost of €500 to €1,500 per month, depending on the type of residence and the services included.

3. Security Deposit
   As with most rentals, a security deposit is required. In Monaco, it is typically equivalent to three months' rent. This amount is refundable at the end of the lease, subject to the condition of the property.

4. Agency Fees
   Using a real estate agency to find a rental in Monaco is common and often recommended to ensure the quality of the property and compliance with local regulations. Agency fees are approximately 10% of the annual rent, payable once the lease is signed.

5. Home Insurance
   Home insurance is mandatory for tenants in Monaco. It covers risks related to fires, water damage, and third-party liability. The cost of home insurance varies depending on the value of the property and the chosen coverage, but you should expect to pay around €500 to €1,000 per year.

Conclusion

Renting a property in Monaco involves substantial costs, but these expenses are often offset by the exceptional quality of life, security, and tax benefits of the principality. To ensure a successful rental experience, it’s crucial to understand these different fees and plan accordingly. Our real estate advisors are available to help you find the ideal property and guide you through the financial aspects of renting in Monaco.

https://www.montecarlo-realestate.com/agences-immobilieres/monaco