Everything you need to know about Monaco's rental market
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Is it still possible to find a rental property in the Principality? Yes, but Monaco’s rental market is under constant pressure. Tossed between a shortage of supply, rising rents and strong international demand, the sector is struggling to keep pace. The imbalance does not seem to be easing. Today, patience is essential, given market realities on the ground. Finding a rental in Monaco in 2024 is a real obstacle course shaped by scarcity, rising rents and short timeframes.
Rents in Monaco in 2024: steady increases
Needing several zeros to rent a property in Monaco is no longer exceptional. According to feedback from agents, here are the average prices observed by property type:
studio: from €2,000/month;
1-bedroom: from €3,500/month;
2-bedroom: from €10,000/month.
Districts have a major impact on the total paid at the end of the month. Expect €190 to €229/m² in Carré d’Or, €115/m² in Larvotto, versus €77/m² in Moneghetti.
For comparison, the average rental price of a studio with doorman in New York is $4,103/month according to the Manhattan Rental Market Report.
Monaco rental market: the most sought-after property types
They say waiting heightens desire. Future tenants know this feeling well. New arrivals may wait for months before finally moving into a property. A notable fact: this shortage affects all budgets and all property sizes. Family homes have become rare and extremely sought-after, especially high-end furnished rentals with a terrace or parking. The same goes for sea-view rental properties, which are under maximum pressure.
Who rents in Monaco? Tenant profiles
According to observations in the field, newcomers to the Principality favour a transition period. Many wish to rent for one or two years before taking the plunge and buying. Among the common profiles shaping the rental landscape are entrepreneurs, residents in the process of settling in, and a predominantly international clientele.
Lease agreements: speed and duration of rentals in Monaco
Re-lets do not stay on the market for long. As in France, properties go very quickly: as soon as they are listed, application files pile up. Some estate agents mention a timeframe of under 15 days for residences in good condition. Rental contracts follow one after another. Leases are generally signed for 1 or 3 years, renewable, depending on the type of property.
MyCrown Estates analysis
Our agents attest to Monaco’s appeal among its international clientele. The number of rental enquiries is rising. The market is so tight that some future tenants do not hesitate to begin procedures during their first visit. Despite the urgency to secure a property, future residents expect flawless operational efficiency and genuine local market knowledge from their estate agent. At MyCrown Estates, our professionals are multilingual, proactive and well-informed. They represent the best chance of finding your new address, even temporarily.
Accessing opportunities requires foresight and precision. Want to find a rental property in Monaco? MyCrown Estates opens the doors to a discreet, demanding and promising market. Even for an event-based or temporary rental, structured support remains essential.
