What to Expect when Renting Property
Renting property in Malta has become increasingly popular among foreigners and locals alike. The influx of foreigners who have relocated their business on the island or have relocated to work in the lucrative industries of gaming or finance has called for an increase of rental properties. Consequently, people recognised the benefits of owning rental property and this has led to an increased availability of such properties to cater to the proliferating demand.
Some problems that potential renters may encounter could be due to the fact that landlords are aware of the high demand for rental properties and could take advantage of the situation by charging more than the property’s worth or by failing to fulfill his/her duties as a landlord. Here are some things that tenants need to look out for when renting property in Malta.
Be aware of the property’s going rental value
It would be a good idea to carry out some market research in order to obtain a general understanding of rental property prices in the area you are interested in. If you are searching for property together with a property consultant, then they will help you negotiate a price according to the area’s worth. Be aware that properties in areas such as St Julian’s and Sliema tend to be more expensive, so consider choosing surrounding locations in order to find properties that are more affordable.
Read your Contract thoroughly prior to signing
Upon settling on a rental property, it is important to sit together with your landlord and if used, your property consultant, and go through the contract and all its clauses. Make sure that you are satisfied with everything stipulated and come to an agreement regarding method and time for monthly payments. Contracts may include clauses such as
- Limit to number of roommates
- If pets are allowed
- Information regarding the security deposit
- Privacy information
- Expenses to be incurred by landlord or tenant throughout your stay;
and other important details. Ensure that you read and understand it prior to signing.
Expect privacy and courtesy when renting property
Renting property means that you are paying for your own home for an agreed amount of time. Hence, landlords should respect their tenants privacy while the tenants respect their landlord’s property. It could be the case that your landlord shows up unexpectedly during the day, even during working hours in order to check on the property. If you are not comfortable with this, make sure that this is stated in the contract. If the landlord needs to visit the property for some reason or other, they should inform the tenant and be courteous by knocking rather than barging in.
Ask for an inventory and check everything listed
Before signing the rental contract, ask for an inventory of each and every item in the property and also clarify the condition of the items. This is beneficial for both the tenant and the landlord as each party knows every detail of each item. This will give the tenant the opportunity to ask for anything which should they believe should be included in a long term rental property but are not listed in the inventory. Moreover, if all the items are in the exact same condition as they were at the beginning of the rental term, apart from some minor wear and tear of certain amenities, the tenant should be entitled to the full security deposit back after the tenancy. This will benefit the landlord simultaneously as they ensure that everything in their property is in tact prior to terminating the tenancy agreement.
If you are looking for a rental property, contact us today or browse through our website to view properties available for rent today.