The Caymans have a healthy and rather pricey real estate market, and the best time to rent or lease is during the months of March and October, when the tourist season is not in full swing. Grand Cayman offers a variety of long-term rentals, both furnished and unfurnished, although much of the rental property comes already furnished. You can find everything from small apartments to luxury full-size homes and condos, and prices vary depending upon a number of factors, especially location and square footage.

There is currently a backlog of demand for rental condos, beach property, and properties that can be repaired or 'fixer-uppers'. Part of the demand is a consequence of recent hurricane devastation in the Caymans, which drastically cut the supply of housing. An overabundance of rental properties constructed in the 1990s has essentially vanished, and there is now a basic shortage of multi-family properties and rental units.

For an updated and furnished one-bedroom apartment you can expect to pay from CI $800 to CI $2,800 per month. The highest prices are for rentals on the beach. A two bedroom may range between CI $1,500 and CI $5,000, and houses will start around CI$1,500 for a smaller one away from the beach and go upwards based on amenities, size, and location. Most rentals require first and last month's rent and you can expect to pay up to CI$ 800 total for utility, phone, and cable deposits as follows:

Electricity - CI$100 per bedroom or $500 along 7 Mile Beach for properties larger than 1,000 square feet.
Cable - CI$90 fee non refundable, to set up initial service.
Telephone - CI$300 for overseas calling service.

Air conditioning expenses can add a considerable amount to the cost of electricity, and should be factored in if you intend to use it. It is a good idea to request estimates of electrical bills based upon the previous year's costs, if those are available.

Because housing markets are subject to price changes, it is a good idea to contact local real estate agents for information and updated figures regarding price, availability, and terms. Many real estate companies in the Caymans advertise via Internet sites and are eager to answer questions from potential customers. The prices above are only guideline figures, it all depends on the location of the property, whether it is oceanfront, inland, close to George Town the capital or out in the outlying districts for instance. The closer to Seven Mile Beach you are located, the more expensive the cost basically.

Added 4/10/05 by Bart - It should be stated that the easiest way to find rental property on Grand Cayman now, is through word of mouth. Speak to human resources at your new employment place, and ask them to post a notice on the staff board saying you are looking for a place. Unless you are a high flyer/earner, then expect to have to share a property (often 2 couples in a 2 bed apartment/house) I knew no-one there in 5 years who could afford to live in a 1 bedroomed apartment alone (and that was before the hurricane-induced housing shortage).