Now that you have found employment or are retiring and relocating to the spectacular Cayman Islands, the first thing on your mind is housing. With a bit of time and patience, you are sure to find Cayman Islands properties for rent that suit your needs and your budget.
Here are 5 tips on how to find your house rental in the Cayman Islands:
- Don’t wait too long to decide. The rental market in the Cayman Islands, along with tourism, has been growing exponentially since 2013, according to a recent report in the Global Property Guide. While residential construction has continued to improve, inventory is low. Thus, prices are steadily increasing, states a March 2018 article in The New York Times. If you are shopping for a Grand Cayman house rental, it is probably best to narrow your choices quickly and make a decision before the property is rented by another party.
- Learn about different areas of Grand Cayman. Although Grand Cayman is a very small island – about 76 square miles, or 197 square kilometers – it is the largest of the three islands that make up the British Overseas Territory of the Cayman Islands. Within Grand Cayman, there are many different and desirable neighbourhoods in which to live. Consider whether you want waterfront (typically the most expensive properties, and perhaps the lowest inventory) or canal-front; somewhere a bit away from the main tourist area; or a secluded inland property. Do you want to be near schools, the office, shops and supermarkets? Search online for Cayman Islands properties for rent to get an initial sense of what is available in Grand Cayman.
- Related costs. After you have found a property that suits you and your family – the right number of bedrooms and bathrooms, the location you desire and – this is not always easy – a place that accepts your pets, it’s important to consult your budget. Real estate professionals point out that you typically must pay a substantial deposit (usually equal to a full month’s rent) and the first month’s rent up front for Grand Cayman house rentals. Make sure you have Cayman Islands cash on hand (unless you have already established a Cayman Islands bank account), since foreign cheques are rarely accepted.
- Be content to rent. During your house hunting, if you see homes for sale and are tempted to buy, you may want to pause and think about that. Many expats find that it’s best to rent a house at first and give yourself time to get to know the island, the culture and the neighbourhoods before committing to a home purchase. Choosing a house rental in the Cayman Islands gives you the luxury of time to get comfortable with your new life in the Caribbean and a better idea of what you may be able to afford if you do decide to buy.
- Contact a professional property management company. Real estate management services can help ease your transition by directing you to easily searchable listings for Grand Cayman house rentals. They can also advise on all of the specific details of relocation, and the best solutions to your housing needs.
Once your house hunting is done, you are going to love living on this beautiful Caribbean island!