Renting a Property
Cayman no longer has a wide array of properties available to rent; in fact the inventory is slim at best and there is no central portal to view everything that is available.
Set up an appointment with a realtor in advance to make sure they are available to show you around upon your arrival. We recommend that you study the following rental guide which will give you some ideas and questions to ask when you contact an agent. Here are some recommended property rental agents in Cayman who have reputation for having a wide selection of some of the best rental properties. Alternatively, you can look on ecaytrade.com and see what rentals are listed there.
As of July 2018 it has 225 rentals available. This is down from a high of 1,600 a year ago. This is a clear sign that Cayman is booming and there is not enough inventory.
A realtor told Cayman Resident that they do see some availability in properties to rent in July as people leave the Island, but then August and September get incredibly busy again with new lawyers and teachers coming before the start of the school year. Also, the prices of rentals have increased significantly as the number of available properties has dwindled. Property owners know they can get great money for their rentals and so are charging as much as they can. Where someone used to be able to find a two bedroom condo in West Bay for CI$1,500 you now cannot get that same property for less than CI$2,000.
To manage your expectations, it is important that you communicate your wish list to a realtor prior to your arrival. Have the following in mind when you contact an agent:
Price range: Be realistic. Rent in Cayman is not cheap and you may have to forgo that waterfront unit or extra bedroom in order to stay within budget.
Location: A reduction in commuting time is often one of the top priorities for people moving to the Cayman Islands, so you may want to make sure you choose a property which factors in journey times to the office, schools , supermarkets and activities.
Size: How many bedrooms do you need or want? Many people like to have an extra bedroom so that guests will have a place to stay or to set up a home office.
Deposit: The industry standard for a rental security deposit is equivalent to a full month’s rent. E.g. if you lease a property for CI$1,500/month, your deposit will be CI$1,500. In addition to this, the first month’s rent will be required to be paid in full on or before you take occupancy.
Time-frame: The majority of tenancies commence on the first of the month. Having said this, landlords can be flexible if you ask and put a security deposit down (typically one months’ rent). Most rentals will not begin to be advertised until 4 – 6 weeks prior to the start of the lease and the rates will fluctuate throughout the year so wait until your permit has been approved before you start your search in vain. The current rental market is moving very quickly; your options today may not be available tomorrow. Most realtors will give you a tour by FaceTime or send additional photos to allow you to decide before you arrive if you’re worried it will be snatched up and rented before you arrive.
Lifestyle: You will likely have to compromise on either your location, the size, or your budget. It is recommended to prioritise your list prior to the move.
In Cayman there are various types of housing to choose from: family homes, townhomes, condominiums, apartment complexes or rooms/apartments carved out of larger houses. The most common type of properties available are two and three bedroom condos and townhouses for which owners are looking for long-term tenants. Detached four and five-bedroom family/executive homes are less easy to find, they command much higher rents and are usually snapped up quickly unless they are tired-looking and obviously not well-maintained. Cayman has relatively few large rental apartment complexes – rather the complexes are comparatively small with 20–40 units per complex being the norm.
Be prepared to adjust your thinking, as the convenience of large complexes with management companies dedicated specifically to rentals does not exist. Most places will have a mixture of resident owners and long and short-term renters.
Real estate agents who specialise in rentals will often have established relationships with the various strata (condo) corporations and will know what is available and has the most to offer.
Rent can widely vary depending on where you are located on-island. That beachfront bungalow may seem like a good idea… until you have to write the rent cheque! Click below to take a look at our typical rents table. Every year we revise this content to be sure that it’s as up to date as it can possibly be.