Real Estate

The Pros and Cons of Renting a Condo in the Cayman Islands

October 9, 2020
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Condominiums are a very popular rental choice in the Cayman Islands and meet the accommodation needs of many short- and long-term tenants.

Rental properties in the Cayman Islands come in a variety of types and an even wider variety of prices. At one end of the spectrum, there are very affordable small apartments and budget-friendly homes for rent in the less convenient or popular areas, while at the luxury end, there is a large selection of beachfront houses and penthouses available for rent at prices that would make your bank manager weep. 

In between, there are extensive listings for townhouses and condominiums aimed at the rental market, either short- or long-term, the most common types of property being two- or three-bedroomed condos.

A condo in the Cayman Islands usually means an apartment or flat in a larger building or complex, a strata development where each unit is individually owned, and all owners share in the ownership and cost of the land and the common areas through their Homeowners Association (HOA) fees.

Condos are popular because each owner shares in the cost of the amenities, and they are often of a high quality that can be hard to find in a comparably priced standalone property. Condo developments are often gated and offer a more secure environment, and they foster a sense of community that might be hard to quickly tap into, particularly for the new arrival to the islands.

Tennis courts, a swimming pool, a gym, are often included in the list of amenities at a condo development, and use of them is usually free of charge to tenants. Top amenities that attract tenants to condos include fiber optic tv/internet, smart technology devices and appliances, high-end fitness centers, and common rooms for special interests and hobbies.

Overall, the pros of renting a condo over another type of accommodation can include:

  • High-quality fixtures and fittings and level of upkeep, because each condo is individually owned.
  • Renting directly from the owner means getting a quicker response when anything needs attention.
  • Amenities and common areas are of high quality and well maintained because of the Homeowners Association fees that are paid.
  • Safety and security, especially if you have children because condo developments often have a well-organized and defined perimeter and gates.
  • A sense of community.

Condos are often cheaper to rent than other types of property. Current rental prices of condos along Seven Mile Beach and Corridor can range from as little as US$1,000 a month for a one-person unit in George Town, right up to a 2-bed, 2-bath top-floor luxury beachfront unit in South Sound at more than US$8,000 a month.

Of course, there are potential downsides to renting a condo, particularly if you are not into community living. Things to look out for, and avoid, can include:

  • Extra cost if the landlord tries to pass on the HOA fees to the tenant.
  • An unclear system for getting maintenance and repair requests carried out, as each owner is responsible for their own condo, and there is no centralized, on-site maintenance staff.
  • It can be noisy. Condo development is designed as a community. If you don’t like noise or people very much, then a condo might not be for you.
  • How many cars do you have? Condo developments usually have allocated parking, and if you have more than two cars or visitor parking is restricted, you may have to find alternative parking spaces outside the complex.

At the end of the day, condos in the Cayman Islands are popular for many reasons, usually a combination of affordability, superior amenities, location, convenience, and sense of community. Whether you’re looking for a short-term rental of a few weeks for a business trip or a long-term rental to go with a new employment contract and a new life in Grand Cayman, there’s a rental condo to suit most budgets and lifestyles.