The long-term rental market in the Cayman Islands performs well thanks to an annual influx of new residents recruited by financial services firms, schools and law firms hiring a new contingent of contract employees. While some end up making the Cayman Islands their permanent place of residence and acquiring property, most of these new resident professionals rent accommodations while they acclimate to their new island home.
We spoke to Provenance Properties’ Shanice Ebanks, who specialises in pairing interested renters with their ideal long-term rental properties. Shanice observed that in addition to the annual arrival of professionals in the legal, accounting and education sectors, she has also seen an increase in enquiries for long-term rental properties in response to the Cayman Islands Government’s Global Citizen Concierge Programme. This new visitor visa permits foreign nationals to work from home in the Cayman Islands for a period of up to two years.
“We are still seeing new residents come to the Cayman Islands at this time, whether brought here through recruitment from firms based here or those looking to relocate here to take advantage of the Global Citizen programme,” Shanice said. “I have been busier than ever helping people find a long-term rental that suits their needs.” We spoke with Shanice to learn more about frequently asked questions – and get the answers.
Rental prices vary in the Cayman Islands, depending on your desired address and size of property.
Luxury long-term rental properties on world-famous Seven Mile Beach, located just a short drive from the Islands’ capital of George Town and a short walk from the bustling Town Centre of Camana Bay, can average anywhere from US$2,400 per month for a one-bedroom condo to $7,600 per month for a three-bedroom (source: CIREBA), depending on size, age of the building, location and amenities.
Long-term rentals in the Seven Mile Beach corridor, which includes homes in the Seven Mile Beach area that are not beachfront, will typically charge between for a four-bedroom (source: CIREBA). “The Seven Mile Beach corridor is close to the beach and offers a convenient location to schools, offices, groceries stores and more,” Shanice explained. “It also offers canalfront living, which is a feature many renters desire to have ready access to canal front boat slips.” For single-family homes in this area, monthly rentals can range from US$3,600 for a two-bedroom home up to $12,000 and over for six- and seven-bedroom homes.
South Sound, a waterfront community located on the southeast side of George Town, features long-term rental properties with monthly rental prices ranging from US$2,000 per month for a one-bedroom to $6,000 a month for a four-bedroom condo (source: CIREBA). South Sound spans the south curve of the island from Seven Mile Beach to the gateway to the east end of Grand Cayman. Single-family homes in South Sound can rent for US$3,500 for a two-bedroom home to $9,700 for a five-bedroom home.
West Bay, north of Seven Mile Beach, sees prices averaging US$3,100 a month for a two-bedroom condo and $3,700 for a two-bedroom house, depending on size and type of home (source: CIREBA). Moving towards the eastern side of the island, Prospect has rental prices averaging US$2,800 for a two-bedroom condo and $2,450 for a two-bedroom home, while Bodden Town has average rental prices of US$2,650 for a two-bedroom condo and $2,100 for a two-bedroom home.
“Utilities, internet, cable TV and telecommunication costs are typically charged separately and in addition to monthly rental rates,” Shanice explained. Learn more about these costs here.
“Many properties in the Cayman Islands are pet-friendly,” said Shanice. “The Terraces, which is a development of 63 for-lease apartments in the heart of Camana Bay, allows cats and dogs. Camana Bay is a walkable community, making it the perfect place to take a morning and evening stroll with your four-legged friend.”
Landlords in the Cayman Islands usually request a security deposit equivalent to one month’s rent. If the residence is pet-friendly, they will often request a pet deposit, as well.
“Properties, such as The Residences at Seafire on Seven Mile Beach and The Terraces at Camana Bay, offer storage units in their underground parking,” said Shanice. “However, if you rent a property that does not offer storage facilities, there are warehouse spaces for rent at locations throughout the island.”
Rentals in the Cayman Islands are typically offered furnished, which enables people to move easily and quickly. “However, there are many local interior designers and home furnishings and décor shops should people wish to put their own personal touch on their home,” Shanice adds.
Leases also usually require a security deposit (as mentioned above) that will be returned when the tenants vacate the property, so long as certain conditions are met. These conditions often include compliance with the lease terms, leaving the home in the condition in which it was found, and to-date completion of rent payments.
To find your perfect long-term rental property, contact Shanice Ebanks at Shanice.Ebanks@provenanceproperties.com or at +1.345.640.7000.
*Disclaimer: The above data is indicative of average sales and rental prices based on past performance and prevailing market conditions. This information should be used for guidance only and should not be relied upon to make investment decisions.
About the author
Anna Wootton is the Digital Marketing & PR Manager for Dart’s business development and real estate companies and assets, including Dart Real Estate, Provenance Properties, Cayman Alternative Investment Summit (CAIS), Camana Bay and The Residences at Seafire. Born in the Cayman Islands, with British heritage and a Canadian passport, Anna is multinational with a Caymankind heart. Anna has a background in journalism and a Bachelor’s degree in English Literature from University of British Columbia. She has worked for Dart for six years.