There are different types of rental contracts depending on the length of your stay. Keep in mind that the longer the contract, the better deal you will get.
- Short-term contracts
- Six-month contracts
- Long-term contracts
Average Rent in Mexico
Rent prices in Mexico depend on different factors such as the type of neighborhood, proximity to the city’s downtown, subways, and green areas.
Renting in Mexico as a Foreigner
There are different approaches for renting a house or apartment in Mexico. While some landlords or agencies only ask for a deposit, others require a credit background check or references about tenants. In Mexico, it is also very common to find someone to co-sign your lease. This individual is known as a fiador (guarantor), who needs to live and own property in Mexico. Another solution is to pay a higher deposit or to buy a lease policy which will be applicable in some of Mexico’s major cities.
In any case, you can rent a property through a real estate agency, and they will advise you about the best way of negotiation in the city where you will be established. You can find them in every city in Mexico.
Furnished and Unfurnished Apartments
In Mexico, it is common for rental apartments to come furnished and with no extra deposit required. It can be a little bit more expensive, but you won’t need to buy stuff to furnish a home.
Rental Contract, Process & Rules
It is very important that you become familiar with Mexican regulations concerning rentals:
-You should read and understand the lease agreement.
-Once you and the landlord have agreed on an offer, you need to sign a contract or a lease agreement. The agreement doesn’t need to be notarized. So, please make sure it is reviewed by a lawyer to comply with its terms and conditions.
Important considerations for a lease agreement:
- Payment: rent is paid on a monthly basis. In order to sign a contract, you are required to pay the current month and an additional month’s rent as a deposit.
- Deposit: Once the lease agreement expires, the landlord must return the deposit to you within 30 – 60 days. However, they can deduct part or all of it if there are damages when you leave the property.
- Landlord’s responsibilities: The Landlord is responsible for providing livable conditions in the property including property repairs and maintenance needed for the validity of the lease agreement.
- Contract Renewal: Neither the landlord nor the tenant has the obligation to renew the contract once the lease agreement has expired. However, if both of you have the intention to do so, it must be notified according to the clauses of the lease agreement.
- Period of the lease agreement: Usually, it can be one-year long, although it depends on the specific agreement between the two parties. If there is no period contracted, the lease agreement can be terminated at any time. However, in Mexico City specifically, the mandatory period is one year.
Requirements and Documentation for Renting
The most common requirements and documentation are the following:
- Proof of identity: You can use your passport or a valid ID card.
- Proof of residency: Documents issued by the Mexican authorities, such as Mexico’s immigration card.
- Economic solvency: You need to prove economic solvency by submitting a letter from the bank showing your savings or a letter from your employer indicating your current salary.
- Guarantor: Most landlords will require a fiador (guarantor). Some landlords accept a póliza jurídica de arrendamiento or legal leasing policy, where an attorney firm or company launches an investigation before the property is handed over to the tenant and to draw up a lease in the event that the tenant stop making rent payments. A judicial and extra judicial collection procedure is initiated, going through the necessary trials to collect rent services and obtain the vacancy and delivery of the property.
Housing and accommodation
Which are the rental property options?
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Apartments
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There are apartments of all sizes and quality. Prices will depend on location and facilities. A large number of apartments are unfurnished, but they do have kitchen accessories and built-in closets. Some of them are luxurious.
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Houses
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May vary significantly in size and quality. In the big cities, rent may range between US$ 1,000 – 2,000, and higher per month. In smaller towns and villages, you can rent a 3-4-bedroom house for US$500 - 1000 per month, depending on the city and neighborhood.
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Closed streets
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In “closed streets” or “gated communities” residents live in a closed neighborhood with strictly controlled entrance. Prices vary depending on location and facilities within the community such as pool, tennis court, etc.
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Shared accommodation
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Shared apartments are not common in Mexico.
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