Demand has never been higher… In 2024 and 2025, rental prices in Monaco’s property market have surged, family apartments have become scarce, and waiting lists have grown longer than ever. The Principality is currently experiencing an unprecedented rental wave.
Finding an apartment to rent in Monaco has become increasingly challenging. Over the past two years, real estate agencies have observed extreme tension in this market, where even the smallest listing triggers a flood of inquiries. “The Monegasque rental market is indeed showing unprecedented momentum. Demand has exploded in 2024 and 2025,” notes Eugenia Petrini, Director of Petrini Exclusive Real Estate Monaco. “However, the issue remains the same: rental demand far exceeds supply, and it’s becoming increasingly difficult to keep up.” Ilona Blanchi, negotiator at Miells Christie’s, has witnessed the same “astonishing intensity” in demand. “Apartments are being rented before even officially hitting the market because the waiting lists are so long. In ten years in the business, I’ve never seen such a frenzy. We’re living through a true rental wave,” she says.
Rush for three- and four-bedroom apartments
So, what types of properties are most in demand? While all property types are generally sought after, one category stands out. “Today, it’s mainly families who are moving to Monaco. Demand therefore focuses above all on three- or four-bedroom apartments. The same trend can be seen on the sales market,” explains Kate Dorfman, Director of Calori Real Estate. Eugenia Petrini confirms this observation: “Family apartments — three- or four-bedrooms with monthly rents typically ranging between €20,000 and €25,000 — are in particularly short supply. In several recent cases, such properties were rented in less than a week, sometimes solely through our website, without being shared with other agencies.”
The reasons behind soaring demand
What explains this tidal wave in Monaco’s rental market? According to professionals, several factors overlap. First, international demand remains strong, while supply is structurally limited. Secondly, many newcomers opt for caution: they prefer renting before buying, taking time to settle into life in the Principality. “There’s always a certain prudence among buyers. Many choose to rent first, get their bearings, and only then consider buying,” explains Gilles Graille, Head of Pacific Agency. But demand doesn’t come only from newcomers. Long-time residents are also putting pressure on the market. “In our agency, most rental requests come from people already living or working in Monaco. They’re simply looking to move — for a larger or smaller space, or a better location,” adds Graille. At the same time, pressure has intensified with the launch of several building rehabilitation projects — notably the Schuylkill on Boulevard de Suisse — suddenly displacing tenants and adding to an already strained market.
Inflation with multiple causes
A tense market inevitably drives prices upward. On this point, real estate agents agree: “With such limited supply, the few available properties inevitably see their prices climb,” confirms Sébastien Segond, co-director of Segond Immobilier. “This is especially true for three-bedroom apartments, which are the most sought-after. Still, it’s important to qualify this — we’re not in a bubble situation.” The surge in prices isn’t only due to supply and demand imbalance. According to several professionals, a certain market “euphoria” has also played a role: “Many landlords got carried away by rising prices, setting rents based on rates for new developments, which are not comparable to their properties. They ended up asking excessive rents. For a few months, that created a kind of panic — some tenants, in urgent situations, accepted those terms. But we can now feel things stabilizing and negotiations returning,” observes Florian Valeri, Director of BARNES Valeri Agency. Other agents trace the start of this rent inflation back two years, when the UK announced the end of the ‘non-dom’ tax regime. “At that moment, there was a wave of relocation requests to Monaco. Some agencies — out of inexperience or excitement — pushed prices upward. If a landlord is influenced by a short-sighted or inexperienced agent, they can quickly end up with prices completely disconnected from reality,” note market professionals.
Prices on the rise — but by how much?
Everyone agrees that rents have risen — but by how much, exactly? “There are no official figures, but based on our observations over roughly the past year, rents have increased by around 15 to 20%. This rise isn’t uniform across property types: studios have gone up, but less than three- and four-bedroom apartments,” details Florian Valeri. Petrini Exclusive Real Estate conducted its own study to measure the phenomenon. Their data shows an average increase between 8% and 15% since the start of the year, with a record jump of +37% for a high-end apartment. “One two-bedroom apartment we manage went from €5,300 to €5,800 per month in a year — a 9.5% increase. It was rented immediately, with no negotiation, showing just how rare such units are,” notes Eugenia Petrini. “Another example: a large five-bedroom family apartment we handle saw an 8.3% increase, now renting for €26,000. While the percentage rise is smaller, the absolute increase is substantial — a clear sign of ongoing demand for large properties.”
When renting becomes a challenge, is buying the only solution ?
With rents soaring and properties scarce, is the market quietly shifting toward more purchases ? “Yes,” says Eugenia Petrini, “at least for those who can afford it. It’s a very recent trend I’ve noticed since late 2025, and it’s likely to continue into 2026.” She also notes that many tenants are forced to leave their homes when properties are sold and reclaimed by new owners. To avoid facing the same uncertainty again, some choose to buy their own. Sébastien Segond, however, remains more cautious: “Maybe if the shortage persists or intensifies, and interest rates continue to fall, we’ll start to see that shift. But for now, it’s still too early to say,” he concludes.
Adapting to the monegasque market: “The need to compromise”
In a market with so little available stock, would-be tenants often have to lower their expectations. Size, view, floor level, or parking availability — compromises have become the norm, even for generous budgets. “For example, a client with a €20,000 budget for a four-bedroom apartment may have only three or four options to visit. Often, none will perfectly match their criteria — whether location, style, or floor level. As a result, searches can drag on for months, sometimes nearly a year,” observes Gilles Graille. Real estate professionals therefore act as guides in a market where benchmarks can be disorienting. “It’s our responsibility to advise and educate newcomers. Many go through an adjustment phase because the Monegasque market has its own particularities,” adds Eugenia Petrini. “In other major European cities, comparable budgets often allow for more space or amenities, which can be surprising at first.”
