Renting in Mexico
Properties in Mexico can be very expensive and significant down-payments are required to obtain a mortgage, so many newcomers opt to rent. Although the rental market in Mexico City is very active, the market in the rest of Mexico is uneven, as concerns about safety have cooled the market in some regions. However, with realistic expectations about what rental budgets will allow, it is generally possible to find a suitable apartment, house, or condominium fairly quickly. It has to be noted that the prices of rental properties in Mexico City, seaside and other holiday destinations are relatively high. Landlords in most areas are able to attract tenants as long as they set a realistic asking price.
There are no specific limitations on foreigners renting property in Mexico, other than proof of being legally admitted in the country. However, it is unlikely that a landlord will accept an offer without a guarantor, which may be difficult for foreigners to obtain without the support of an employer or a friend or relative with a property free of liens in Mexico in an area close to the city where they intend to rent. In the absence of a guarantor, renters may obtain a form of insurance (fianza or póliza jurídica, or pay a number of months in advance) that may be accepted by the landlord. See the section on Guarantors for more information.
The process of buying, selling or renting any type of property or land is regulated at a state level in Mexico. While some procedures in the property purchase process may be identical in all states, others may differ. This page gives an overview of what is involved in buying a property in Mexico, prepared by certified real estate agents who are experts in the Mexico City property market. It contains advice that should not be considered a legal document nor should it imply any liability for its authors in case there are some discrepancies with the processes involved for the sale or rental of a property. It should also be noted that for particular practices and requirements in areas other than Mexico City, advice should be sought from professionals familiar with the property market in that state.
Information provided by Carmella Peters-Romero, Vanessa Kerr and Hector Romero of Peters & Romero Bienes Raíces, Tel: 55 3713 0985 / 55 6708 4772 / 55 4341 3131