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Renting Property

Gibraltar - Renting Property


Expats can choose to buy or rent a property in Gibraltar, but many of them opt to rent because of the short-term nature of their assignments in the peninsula. There is a high demand for housing, especially because the space in this country is limited and most new developments are aimed at the wealthiest buyers. This means that accommodation prices tend to be very high as well..

Types of accommodation in Gibraltar

Expats who move to Gibraltar don't usually have any problem finding a home that suits their lifestyle and needs. Properties range from studio flats to large luxury houses. It is possible to rent both furnished and unfurnished properties in the peninsula. Many of the apartment blocks offer shared facilities such as swimming pools and laundry rooms as well. Apart from looking in some classifieds sections of local publications like The Gibraltar Chronicle, expats can also approach any number of real estate agents who operate within the territory and advertise their listings online.

Renting a property in Gibraltar

Once an expat has found the right property, there is a necessary deposit to be paid, which is usually one to two months’ rent, as well as one month's rent in advance. They may also be required to provide references to the prospective landlord or estate agent. Most rental contracts in Gibraltar are signed for a year. Organizing the connection of utilities can be done by the estate agent or the tenant himself. The agent can arrange for a telephone to be connected as well. Tenants should be aware that references will be needed before an agreement can be signed.

Renting tips

As most new properties in Gibraltar are being built for wealthier buyers, the rental market offers a lot of options for expats. There are very few properties which do not have a view of the Mediterranean Sea and the quality of rental property available is generally quite high. The prices usually depend on the exact location and the quality of the property. There are several estate agents in Gibraltar who can provide details about properties to help expats find the ideal home. As properties range from studio flats to large houses, there is something to suit everybody in this region. It is possible to rent both furnished and unfurnished properties as well.

There are various standard terms and regulations when renting a property in Gibraltar. Connecting utilities can be done by the estate agent or the tenant, and deposits involved go around £60 for the water connection and £100 for the electricity. There is a deposit of £50 needed if tenants wish to connect a telephone, but it can be also added to the first bill if preferred.

Most tenancy agreements are signed for one year, although it is possible to acquire a tenancy agreement of six months. It is quite easy to renew the agreement if both landlord and tenant wish to do so. The tenancy agreement sets out the details of the agreement and explains all the costs and obligations involved. Typical rents vary depending on the size and location of the property, as well as the facilities that are included. A look at one or two websites of the local estate agents can help expats to see what amount of money can be expected to pay for certain properties.

Some apartment complexes may include extra charges for maintenance and there could be shared services, such as a laundry room or cleaning service. Those who require domestic help should have no trouble finding somebody if this service is not included in the rental agreement. It is still advisable to obtain references prior to hiring help.

Rental agreement requirements

Legally, rental agreements are required in order to determine the obligations of both sides. The agreements should be signed in front of a witness and it may also include vital information such as:

- How domestic bills are to be paid / split
- When the rent is to be paid
- How much rent is to be paid
- The method of rent payment
- Date of tenancy commencement
- Duration of tenancy
- Services to be provided by the landlord (if any)
- Liability for interior and exterior property maintenance and repair fees
- Notice period
- Good practice laws for the area (if any)

Both long-term and short-term leases are common in Gibraltar. Leases are usually 12-month renewable leases, but in some cases 6-month leases are also granted. Short-term rental is usually defined as a period that lasts several weeks, and is classed as a holiday rental. Rental payments for long-term leases generally do not include rates for water, electricity, internet and television, while the short-term leases usually include these, with a higher rental rates. For long-term leases, six months’ notice is required to terminate the rental contract.

Inventory

In Gibraltar it is common for landlords to prepare an inventory and notes of the property's condition when renting it out. This is especially important when the property is rented through an agent, and when it is furnished. The tenant should double-check and agree upon the inventory and property condition before moving in. Non-communication regarding the inventory after a given period of time is often taken as an acceptance of the contents of the document.

Deposits and Agency Fees

A deposit equal to one month’s rent is usually required to secure the place. This payment is confirmation that the tenant wishes to enter into negotiation with a landlord and for the property to be taken off of the market. In addition, a further month's rent is usually payable up-front at the commencement of the agreement. The deposit is usually returned to the tenant within 15 days after vacating the premises.

Much like when you are buying a property, the best place to look for properties to rent is online.

Property Gibraltar
Property Zone Gibraltar
Mulberry Real Estate


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