Rent Property in Malta Long Lets

Rent Property in Malta Long Lets

Rent Property in Malta Long Lets. Renting property in Malta is quite a challenge since the market is not fully regularized and controlled. In general property owners who are looking to rent out their property will work with all the local agencies contrary to exclusive properties with just one company.

When looking to rent a residential property in Malta you should understand that a long let is usually considered to be for a period of not less than six months and can be up to a minimum of one year. The rental price on long lets is usually much lower than a short let price. This would be noted on a contract which binds the lessee to take the property for a minimum period of say 1 year. The contracts usually include a ‘force majeure’ clause which gives the Lessee the right to terminate the lease before it’s lapse, should he/she have to leave the island for a valid reason. Enabling such cause would generally mean that the caution money otherwise known as the deposit to be forfeited to the owner.

Rent Property in Malta Long Lets Typical Expenses:

• A refundable security deposit – usually equivalent to one months’ rent. If you have a pet this can be 2/3 months.
• Rent in advance – usually one months’ rent in advance.
• An agency fee – The standard agency fee is equivalent to half of the first month’s rent from the Landlord and half of the first month’s rent from the tenant plus 18% VAT.

Rental rates vary depending on location, type of property, standard of furnishings and duration of tenancy. More often than not, properties are rented furnished including fittings & appliances, however one can find some properties available in unfurnished. Rates for water, electricity, internet and TV are not normally not included in the rental rate.  These expenses are typically borne by the lessee on a consumption basis. The deposit is usually refunded to the lessee upon the termination date of the lease. Otherwise this is offset against any pending bills or damages to the inventory as agreed between the parties.

Our islands offer a great selection of properties to let. Since these vary from locations all across the islands one will be able to find property which  suits his budgets, taste and lifestyle requirements. The most popular regions for those looking to relocate in Malta would be the north east areas of Sliema, St Julians, Gzira and Msida. For those who prefer to stay away from the hectic city life will find inland, western and southern Malta more appropriate. Areas such as Naxxar, Balzan and Attard offer a more relaxed lifestyle and a more authentic feel of the island. Gozo also offers its share of properties, particularly popular for holiday breaks and as a retirement destination.