Rents in Mexico can vary greatly, even within the same city. Landlords may be prepared to negotiate the amount of the rent in exchange for certain concessions, such as agreeing to a longer rental term, payments in advance, in US dollars, and so on.
Rental amounts generally include parking spaces if available; maintenance charges to cover the costs of security and any amenities on the property are often extra, and this may not be immediately apparent from advertised listings. Properties with amenities such as terraces, pools, gyms, gardens, and party rooms are usually significantly more expensive. Water bills are sometimes included in the maintenance charges. Other utility bills are rarely included in the rent. Rentals in Mexico City have traditionally not included appliances other than stove top or oven, although this is beginning to change – especially in areas that attract foreigners. That said, renters should be prepared to purchase their own refrigerator, washer and dryer, and dishwasher.
Rent is usually paid by bank transfer or check. Although cash is sometimes accepted, this is discouraged by the Federal Law to Prevent and Identify Operations Financed with Illegal Funds, in order to prevent money laundering.
Renters are responsible for arranging and paying for minor repairs to their apartment as needed; structural repairs are usually the responsibility of the owner, but this should be specified in the rental contract.
Allowing pets in a rental property is at the owner’s discretion; the rental agreement may specify the tenant’s responsibility to repair any damage caused by pets.
The convention in Mexico City is to apply annual rental increases in keeping with the official rates of inflation published by INEGI (National Institute of Statistics, Geography and Informatics) or the Central Bank, but this may vary in other states.
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 4341 3131 / 55 3713 0985 / 55 6708 4772