All that you need to know about renting; from prices to taking the first baby steps!
Renting a property in Malta is not difficult. In fact, several foreigners and locals can rent a property with ease. Whether you want to reside in Malta for work appointments, for leisure purposes, or even for retirement, you have the option of renting at your disposal.
Here’s all you need to know about renting a property in Malta or Gozo.
Finding the Perfect Property for You
First things first…you will need to find the perfect property that fits you and your personality. Whether you are looking for an apartment, penthouse, terraced house, or others, here at Bernards Real Estate, we can get you sorted in no time.
Areas such as Sliema, St Julians and Swieqi offer a central location from which you can get to your desired destination in minutes. Areas like Mellieha, Xemxija, St Paul’s Bay and Marsascala can offer stunning beach and/or countryside views. You can also choose to rent a property in Gozo, Malta’s greener sister island, which offers the perfect place for holiday breaks and/or a retirement home.
The options are endless so an easier option, instead of embarking on a tiring journey of looking for a property yourself, is to leave it in the hands of a real estate agent like ourselves. Hiring a real estate agency will help you filter all of the information that is out there and simply select and view the properties that are within your budget and liking. You will also have a direct contact to the letting agent and, here at Bernard Real Estate, we will answer all of your queries and you will never be left in the dark.
Prices for Renting a Property in Malta
Rental rates vary depending on location, the type of property, the duration of tenancy, and even on the standard of furnishings of the property. However, you can easily find something that will fit your budget somewhere on the Maltese Islands. Most properties are rented furnished including fittings and appliances, which will make life easier for you as you can simply move in, almost immediately.
Water, electricity, internet, and TV rates are normally not included in the rental rate if you are looking at a long-term rental and these expenses will be calculated on a consumption base.
Ready to Start Renting? Here is What You Need to Do First…
If you do not wish to make a commitment to purchase your own property but you would still like to have your own place, then renting is for you. Unless you have a personal agreement with your landlord, normally, the procedure is as follows:
- You will first submit the initial deposit which is the standard equivalent to a month rent.
- You will be required to rent the property for a minimum of 1 year.
- Condominium and maintenance fees may be included in your monthly rental fee or may be charged separately.
- You will submit a monthly deposit on utilities like water and electricity and the difference will be settled once the bills arrive.
- If you choose the ideal option to go with a real estate agency, you will here be required to allocate the agency fee to your agency.
Are There Any Additional Costs?
As already discussed, rates for water, electricity, TV, and internet will be borne by the lessee, on a consumption basis. However, before moving into your new rental apartment, you will need to pay the real estate agency fees, which are commonly the price of half month’s rent, plus 18% VAT. These fees are applicable to both the landlord and the tenant.
You will also be asked to pay a sum that is equal to a month’s rent that will act as a deposit against outstanding bills and any breakages. This deposit will be refunded back to you upon the termination date of the rental agreement provided the property is returned in the same state it was given and there are no outstanding payments.
What Should Your Rental Contract Include?
If you have settled on your rental property, always make sure that your contract includes all of the following details:
- The rental period.
- If the lease can be extended and in what way.
- The rental fee and the way that this will be paid.
- The amount that is needed as your deposit.
- An inventory list of your rental property including appliances, furniture, and personal belongings.
If any of these are missing from your contract, it should be declared null or void. Malta passed a rental law in 2020 – you can check it out here: https://rentregistration.mt/
Our Last Piece of Advice
We have compiled your own checklist to take with you to your first property viewing. Here is what you need to look out for:
- Always go to your viewings during the day to witness natural lighting.
- Are there any repairs that need to be done to the property to make it liveable?
- Check for mould that can be identified through water stains on the walls or through a musty smell around the property.
- Look at the windows since badly insulated windows can make your home extremely cold during wintertime.
- Are there ACs and do they work properly?
- Consider the state of the bathrooms, including sinks and toilets, and also the water pressure.
- Electricity and water should always be on the residential tariff.
- Examine the property’s furniture. Is it to your liking? If not, ask if some of the things can be replaced or if new items will be bought soon.
- Take a look at the surroundings of the property and see if there are any construction sites going on.
- Is there adequate parking spaces or a nearby bus stop, if you do not drive?
- Is there a mini-market or supermarket close by?
- Is it a busy or a quiet neighbourhood?
These are all things that you need to take into consideration before committing to renting your property in Malta.
If you are looking for a real estate agency to help you out on your journey, here at Bernards Real Estate, we can surely be of service. Our professional team will assist you in choosing your dream property for renting. Get in touch today!