The rental market in Gilbraltar is relatively expensive, especially compared to other locations in Spain. However, the cost of living in Gilbraltar is also high, so it’s expected that rental prices would be too.
Expats often choose to live in the city center, where rental prices for a one-bedroom apartment can range from £800 to £1,200 per month. For a three-bedroom apartment, prices can range from £1,500 to £2,500 per month. In more suburban areas, rental prices are typically lower, with one-bedroom apartments starting at around £600 per month and three-bedroom apartments starting at around £1,200 per month.
Rental Caps in Gilbraltar
There are no rental caps in place in Gilbraltar, but the government does regulate the rental market to some extent. For example, landlords are not allowed to increase rent by more than 10% in any 12-month period without the tenant’s agreement.
Deposit and End of Tenancy Rules
In Gilbraltar, tenants typically have to pay a deposit equal to one month’s rent. This deposit is held by the landlord or a third-party company and is refundable at the end of the tenancy, provided that the tenant has fulfilled all their obligations under the lease agreement.
At the end of a tenancy, the landlord is required to carry out an inspection of the property to determine whether any damages have been done. If damages have been done, the landlord may deduct the cost of repairs from the deposit. However, the tenant is entitled to receive a detailed itemization of any deductions and must agree to any deductions before they are made.
Seasonal Changes in Rental Prices and Availability
The rental market in Gilbraltar is relatively stable and does not experience significant fluctuations in rental prices or availability. However, there may be slight variations in the rental market depending on the time of year. For example, during the summer months, rental prices may be higher due to increased demand from tourists and seasonal workers.
Overall, the rental market in Gilbraltar is relatively stable and predictable, making it a good choice for expats who are looking for a long-term rental solution.