Cyprus is growing fast as a rental market, sustained by increasing demand from European Union expatriate workers.
Since joining the European Union in 2004, Cyprus has grown greatly as a rental market, stimulated by the influx of European expatriate workers. Developments in the rental sector have also been driven by Cyprus' position as a leading business, trading and professional services hub, as well as a popular holiday, second home and retirement destination. With this new demand, real estate services in Cyprus have become a lot more focussed on renting, providing even better conditions, products and support services for both tenants and landlords.
Renting in Cyprus is relatively affordable – particularly when compared to other European markets – with ample and wide-ranging property types and locations to choose from. Since the economic crisis, stock availability has also increased to the benefit of renters, i.e. more value-for-money rental properties and greater negotiating terms.
Urban Keys acts in your interest to find the ultimate rental property and negotiate best rental terms.
Rent is also in many ways an investment. In some cases, such as for business and commercial purposes it is a major investment. You should always be in a position to maximise potential with your rental property; that is, to obtain greatest value-for-money to begin with and negotiate reduced costs when the opportunity arises.
As experts in the field of rental real estate in Cyprus, Urban Keys are in the ideal position to help you achieved best results, namely to find the right rental property type in the best location. Key competitive advantages of Urban Keys rental agents:
Fully certified real estate agents, property valuers and building surveyors
Deal with rental cases each and every day, providing invaluable experience and insights to the Cyprus rental market and property prices
Maintain one of the largest rental property inventory in Cyprus, available directly online with our easy-to-use search functionalities and comprehensive property descriptions
Have in-depth knowledge of the Cyprus market, for residential, vocational, commercial and industrial rental properties, conducting market studies and feasibilities
Undertake thousands of property valuations and building surveys for individual owners, banks/financial institutions, developers and the judiciary system, therefore have an insight base on property prices, trends and rental variations
Are fully aware of all legalities with rental terms and conditions, providing security and support
Provide property management services and corporate relocation services
URBAN KEYS STEP-BY-STEP GUIDE TO RENTING
Step 1 – Register your interest to rent
The first step to finding the right property in Cyprus is to register with Urban Keys, a reputable estate agent that also has one of Cyprus' largest rental property inventory, therefore a lot more options to choose from. You can either call us on +357 22 27 00 19, email us here or visit our office where you can discuss your property requirements with one of our local agents.
Once we have a clear understanding of your requirements you will receive a selection of properties that match your criteria. We can also keep you constantly up-to-date via email.
We will match your profile and criteria with what properties are most suitable currently (or even soon-to-be) in the market, as well as keep you posted with live e-mail alerts and SMS messaging (optional).
Step 2 – Optional rental period; short term rentals or long term
Are you looking for short term or long term rental? Each has its pros and cons, and slightly different conditions.
Long term rentals are somewhat cheaper and better value, especially extra long term contracts of two years and more. So if you are certain you like a given property and know for sure you are going to stay there, then it certainly gives you some negotiating power to lower the asking price. But be aware that some landlords actually insist on two-year contracts so you might not have this bargaining power. One year contract terms are standard in Cyprus. Such rentals can be either furnished or unfurnished. Of course rental period, terms and conditions for commercial and industrial property differ considerably.
Short term rentals are ideal if you need a temporary residential solution in Cyprus, such as if you are renovating or in the process of building a house. They provide greater flexibility and more leeway. They are also a good alternative to long term travellers and workers in Cyprus, much better than staying in a hotel or serviced apartment – more affordable, larger in size and a lot more privacy. Short term rentals are usually fully furnished and tend to be slightly higher in price per month. In some cases, cheaper short term rental options may be sourced.
Step 3 – Consider managed rental property for peace-of-mind and ease; 24/7 helpline
An increasing number of tenants in Cyprus are now opting to rent fully managed properties. No doubt, dealing with a professional and independent estate agent is a lot more reassuring and indeed efficient. You deal directly with Urban Keys and not the landlord.
Urban Keys managed properties are assigned a dedicated Property Manager to handle any issues. Our team ensures each managed property is fully compliant with all safety regulations (i.e. Gas Safety, Electrical Safety and Furniture and Furnishings acts), and that the property is fully functional via our dedicated contractors.
24/7 rental helpline: if something ever goes wrong, simply call us any day any time and we'll fix it.
Look out for the managed property icon in your search results or contact Urban Keys to enquire about a managed rental property in Cyprus.
Step 4 – Key to successful viewings when looking to rent in Cyprus
To find the best available rental property in the Cyprus market there are 3 simple and perhaps obvious criteria:
Get in early. When you see something you like, don't wait around. Close the deal as soon as possible, otherwise it will be off the market very soon. Think about it, if you liked it because it was immaculate, then surely others did also.
See as many properties as possible. The more properties you see, the more options you have to choose from; that's basic mathematics. Also, it puts you in a very good position to judge and compare each rental property based on quality, location, age, furniture, and of course price. It might even give you some bargaining power.
Trust your estate agent: Rely on the professional advice and direction of your dedicated estate agent. We have years of experience in the market and in dealing with landlords, so we are able to provide solid advice. We are here to help you and ensure you are satisfied, acting as your representative. We do not prioritise or favour any properties, but consider them all on an equal basis. So we want you to choose the property that is best suited to you.
Remember, Urban Keys will accompany you to all your rental viewings and be on hand to provide any support and advice where necessary, even after the viewings.
Step 5 – Making an offer to rent the property
Once you have identified a suitable property you will need to make an offer, in other words, that you are interested. Your Urban Keys estate agent will help guide you through this process. Keep in mind that when we say offer, we mean offer to rent it out and not an offer on price. Rental properties have very little leeway in price negotiation.
You will be required to complete an application for tenancy where you will need to provide full details, employment condition or guarantor, as well as references, i.e. previous landlords. You may also need to state any special conditions of the offer. We will then communicate this offer to the landlord.
Special note: landlords are very impressed if you attend property viewings well prepared, with references and at least an indication of most required paper work. Although you may not need to provide this, they will be much more likely to accept your offer in the long run.
Step 6 – Your rental offer is accepted by the landlord
If your offer to rent is accepted by the landlord we will inform you as soon as possible. Regardless of whether your property is managed, we will then organise the following:
Collect references that you have provided
Arrange signing of the Tenancy Agreement
Collect your moving in payment which consist of the first month rent in advance + deposit (usually to the value of one month's rent)
Carry out your check-in and inventory
Ready to rent with Urban Keys: Urban Keys office hours are open longer, made to be convenient for rental viewings after work and on weekends. Because we know all-too well that greater flexibility and accessibility is needed to suit all types of lifestyles. This in turn, encourages more viewings and happier clientele. Our offices are open 8am-8pm Monday to Friday and 9am-5pm Saturdays, Sundays and Bank Holidays. Meanwhile, our phone lines are opened 8am-8pm, 7 days a week.
MOVING HOME CHECKLIST FOR CYPRUS RENTERS
Ready to move homes in Cyprus? Be well prepared and make your move smooth and efficient.
Whether your move involves a house, apartment, shop, office or other commercial property, below is a quick and easy-to-follow checklist to make the transition smoother and more efficient. Should you need further advice and/or assistance with relocation services, feel free to contact Urban Keys.
Remember, the earlier you start the easier the move will be.
1 month before
Sort our belongings: go through your place and decide what you will be keeping and what you can get rid of. Consider whether any items will require special packing, transportation or perhaps extra insurance coverage. Consider selling or giving away any unwanted items.
Start researching for a removals company or other transport alternatives: there are many removal companies available in Cyprus and all reasonably priced. Note: do not rely on a quote over the phone; request a specific written estimate. Such services can also include packing and related materials, otherwise start collecting boxes and bubble wrap. Feel free to approach various store owners, as most people are friendly and willing to help. Otherwise visit the Super Home Centre stores throughout Cyprus, or IKEA.
Avoid waste: start using up things that you don't particularly want to move, such as frozen or perishable foods, cleaning supplies and little.
Measure your new home/office: it's a good idea to measure door and room dimensions at your new property, ensuring larger pieces of furniture will fit through the door and in the rooms. Also, know point- access points and facilities. The removals company will also need to know this information.
Notifications for change of address: start to inform all necessary authorities and organisations of your move, such as your bank, schools, post office, employer, doctor, accountant, as well as utilities water, electricity, telephone, cable TV and Internet. If you're renting, notify your landlord of your moving date. With regards to utilities, especially electricity, it is a good idea to take a metre reading on the last day you are there.
Between 2 and 4 weeks
Confirm transit: choose your mover and confirm the arrangements. Select a company and obtain written confirmation of your moving date, costs, and other essential details.
Prepare packing: start packing and label boxes clearly. Start taking down any fitted items that are coming with you (e.g. shelving, paintings, photos etc). Consider special arrangements for any pets for the moving date.
Start packing: pack the things that you seldom use so you can get them out of the way and clear up some space, such as ice-cream maker and board games. Give special attention to fragile items and those of greater value, as they might require additional insurance (and costs) from your moving company. Make sure to declare, in writing, any items valued over 100 euro per kilo, such as a computer, artwork, antiques, etc.
Time-off and help: arrange to take the day off from work to have stress-free move. Try to organise extra help from family and friends, as it's almost always needed.
A few days before the move
Defrost: defrost and clean your fridge and freezer so it is ready for the move. Same holds true for other kitchen and larger appliances. Start to disconnect the washing machine, TV and computer.
Contact the moving company: Reconfirm the arrangements. Reconfirm the moving company's arrival time and other specifics and make sure you have prepared exact, written directions to your new home for the staff. Include contact information, such as your cell phone number.
Pack your suitcases: aim to finish your general packing a few days before your moving date. Then pack suitcases/box of personal items that will be needed immediately at your new home (e.g. light bulbs, kettle, tea towels, towels, bed linen, essential clothing for a few days, bathroom accessories). Organise these and set them aside so they are not loaded on the removals van.
Disconnect everything from your old property, write down your meter readings and inform your utility companies.
Strip beds and pack bedding.
Gas cylinders and air bottles should be empty with valves open, flammable liquids safely disposed.
Before leaving, double check you haven't left anything behind.
Take inventory before the movers leave form your place, sign the bill of lading/inventory list and keep a copy.
Check all windows are closed and doors locked. Hand all keys into the estate agent or landlord.
Arrange a time to collect the keys of your new property from our Urban Keys office.
House warming party time!
CORPORATE AND RELOCATION SERVICES IN CYPRUS
Corporate real estate services
Urban Keys's corporate real estate services assist hundreds of companies in Cyprus find rental properties for staff – both short term rentals and long term rentals – helping them relocate and settle in. This is a fully tailored and complimentary service designed to meet the individual needs of every company and every employee. At Urban Keys, we understand the pressures and constraints to relocating staff with differing requirements, often at short notice.
Renting a property through this specialised department provides corporate firms with a dedicated account manager that has detailed local market information, able to provide reliable advice and guidance on the entire letting process, rental values, and relocation services. Urban Keys real estate agents are also in Greek, English, French, Russian and Chinese-Mandarin.
Corporate services centralises the property searching process via only one agent contact, saving you time and effort. Register with Urban Keys's corporate real estate services and notice the difference.
For all corporate real estate services call Urban Keys on +357 22 27 00 19 or email Urban Keys.
Personalised relocation service
Relocation services are available to all Urban Keys customers, making the move easier and more efficient. This is a fully customised and free service designed to cater for each individual.
Whether it is help with logistics, finding a nanny, cleaner-housekeeping, or connecting utilities, allow us to look after the details so that you have more time to enjoy your new home.
These services are applicable to student and foreign workers in Nicosia and Cyprus.
Speak to Urban Keys on +357 22 27 00 19 or e-mail us directly to find out more about our corporate rental and relocation services.
TENANT SUPPORT – FAQS ON RENTING IN CYPRUS
If any of your questions are not answered here, call Urban Keys on +357 22 27 00 19 or e-mail us directly for a more personalised and confidential response.
What references must I provide when interested to rent a place?
For long term rental you will need to provide a reference from your previous landlord and/or character references, letter from your bank, and an employer's certificate to verify you can maintain rental costs.
For short term rental you will be required to produce proof-of-address with a recognised utility, as well as either your passport, national ID card or driving licence.
For rentals where a company is the tenant, you will be required to produce proof of ID for those staying at the property and a official letter from the company.
Who is responsible for contacting the utility companies after I move in?
You are. As the tenant, you are responsible for setting up all utility accounts directly when you move into your property, as well as when you leave, taking care to provide meter readings at the beginning and end of the tenancy.
In Cyprus, these utilities (water, electricity, telephone, cable TV and Internet) are most commonly placed under the name of the tenant, thereby ensuring usage is declared and recorded to the right person – and as a precaution for landlords. Be aware that you will also need to leave a deposit to each utility. Occasionally the water service might remain under the landlord's or developer's name.
How do I pay rent each month?
For long term rentals you will be requested to set up a monthly electronic standing order with your bank directly to the landlord. This process is very simple and can actually be done via online banking. Alternatively simply pay each month in advance.
For short term rental you will need to pay the rent in full prior to the commencement of your tenancy. We accept bank transfers, bankers' drafts, cash, direct debits, American Express and credit cards (subject to a small admin charge).
When will the rent leave my account?
Generally the rent is paid by a bank standing order mandate and will leave your account 3 days prior to the rental due date in order to be in the recipients account on the due date (The due date is typically, although not always, the date on which you moved in).
What happens if my rent is paid late?
Late payments incur additional charges.
Any problems with rental payments, that may result in late payment, should be conveyed to Urban Keys Property Management as soon as possible. Arrears letters (for which you will be charged) will be issued if rent remains outstanding beyond 5 days after it was due. Interest will be charged until payment is made.
If I have any problems during my tenancy who do I speak to?
If your property is managed by Urban Keys then you can call us 24/7 on +357 22 27 00 19.
If it is not managed by us then you must call the landlord directly.
If I want to serve notice to vacate my property what should I do?
Notice would need to be served in accordance with your particular lease agreement by recorded delivery to Urban Keys. The agreement should always be referenced.
What penalties will I incur should I break my lease agreement early?
The primary liability is for rent until the end of the contract or its a break clause point. If the landlord agrees to re-market the property and once a new tenant is found, then your liability will be reduced to covering the landlord's commission and any other expenses from when the property is re-let. Payments would be calculated on a pro-rata basis for the unexpired term of the contract.
How will my payments cease at the end of my tenancy?
You should contact your bank directly to cancel your standing order once the last payment has left your account; or do it online yourself.
What should I do with the keys at the end of the tenancy?
Unless specific instructions are given by your landlord, keys should be taken to the Urban Keys office. Please ensure all sets are returned, a receipt is obtained and that this happens on or before the last day of your tenancy.
Please note that you will be liable for additional rent until the keys are returned.
What expenditure should I expect at the end of the tenancy?
As an outgoing tenant typically your costs will be associated with professional cleaning and the inventory check out. Any discrepancies between the check in and check out may result in deductions from your deposit.
When is my deposit returned to me?
Once the check-out has been conducted, the property has been cleaned to a satisfactory standard and Urban Keys has received instructions regarding the deposit from the landlord, the money will be returned to your account, less any agreed deductions.
Please note: your deposit will not be used to pay the last month's rent as might have been the case in Cyprus some years ago. The property must be inspected after you have vacated and only when everything has been approved will the deposit be released. As such, your last month's rental payment shall still be paid in advance.