Rental Information - Getting your feet
wet
Just like most countries around the world Cayman
has developed it's own practices when it comes
to lettings. Most Real Estate companies share the
same rental "listings". Owner's notify each company
that they have a vacancy, so if you see the same
property advertised in three different places it
is more than likely the same unit. It is understood
that each agent can show the property and the agent
who assists the person who takes the unit is then
paid by the owner. Tenants do not pay the rental
agent! All the rental agents on the island know
each other and work together to make sure duplication
does not occur. You are busy enough when relocating
to a foreign country and starting a new job that
you don't need to see the same property twice!
Conveniently, you can select one agent you are
comfortable with and ask them to check on listings
with other companies for you. Even if is not a
shared listing all agents readily show their listings
to other agent's customers. This one agent can
set all your appointments and accompany you on
the showings. The system may not be perfect but
at least knowing how is operates will help avoid
confusion.
Guidelines
There are a number guidelines to follow when renting
a property. Rent is always paid in advance. All
Landlords require a security deposit, which is
at least equal to one months rent. This money
is held by the owner for the term of the lease
and is refundable subject to any deductions for
damages not withstanding normal wear and tear.
Any interest accrued will be in favour of the
owner.
There are few properties that are listed that are
unfurnished; however, with the recent building boom
there are more unfurnished units available than in
the past. All units, furnished or not, will have
appliances. A Furnished unit has appliances, hard
furnishings, window treatments, beds, mattresses,
etc. or Fully furnished will have all of the above
plus bed linens, bathroom linens, and kitchen crockery
and equipment.
Location, Location, Location
Ocean/beachfront properties are going to cost you
the most amount of money. If you are willing to live
close to the beach but not on it, you can get very
nice properties at more reasonable rates. Canal front
properties are also a good alternative. Snug Harbour,
South Sound, Parkway, and Governors Harbour are all
areas that have apartments and homes, in nice residential
areas close to town, the beach and all amenities.
Prospect is an area 10 minutes from town that more
and more people are moving to. Many new homes and
apartments have been built as well as new facilities
such as shopping centres and supermarkets. There
are also plans for a 5-screen movie theatre and a
water park.
The districts of West Bay and Bodden Town are about
a 20 minute drive to George Town, and have less expensive,
more traditional style homes. Wherever you live in
Cayman, you will never be too far from the sea, and
will always feel safe.
Utilities
Electricity is not cheap on the island with air conditioning
being the biggest drain. Most of the newer properties
have split AC zones with the bedrooms cooled separately
from the living areas. A 2 bedroom apartment that
has the air running cold permanently and has high
usage of a dryer is going to run bills up to about
$300-400 a month. However, using the AC sensibly
(turning it down/off when you are not home) the
bills will average between $120 and $200.
Water costs are reasonable in Cayman. It is drinkable
but most people prefer to drink bottled water. Average
bills for families of 4, with lots of laundry are
around $150, but most couples will only pay around
$40 -$70 a month.
One TV Cable box is $55.00 per month not including
pay-per-view options. There are 4 movie channels,
2 sports channels, and news channels, all the network
and so forth. Each additional box in the home would
be CI$ 10 per month.
In addition to your rental deposit the utility companies
will all require deposits as well:
- Electric: Cl $100 per bedroom
or $500 per property above that.
- Water: Depending on the water company (there
are two) the bill will either remain in name of
Landlord with a duplicate bill sent to the tenant
or the bill will go directly to the tenant. In
some cases the water is billed through the Strata
office (condo manager's office) and your bill would
be paid directly to them. The Landlord may decide
to collect a separate deposit.
- TV Cable: CI $90 hook up fee
for CITN Cable TV. Sometimes the TV connection
is included in the rent. This is more likely to
occur when renting a condo since the TV is sometimes
included in the owner's monthly maintenance fees.
You can get Direct TV (500 + channels) if your
Landlord will permit dish installation. Many properties
already have a dish installed.
- Telecommunications: CI $300
deposit for a telephone line for expatriates and$200
for Caymanians. Cellphone and internet access,
including DSL, are readily available as well. The
sole telecommunication provider is Cable and Wireless.
- Customs: There is no duty paid
on personal effects that are shipped within the
first 6 months of residency as long as the items
are older than 6 months. This does not apply to
transport. After that there is 20% payable.
