Rental homes in Crete: tips and prices

Located about 100 km south of the east coast of mainland Greece, the island of Crete is one of the most popular destinations for tourists and retirees from around the world.

Hills and mountainous areas frame seascapes, idyllic beaches, natural beauty and internationally renowned archaeological sites. Precisely because of its landscape and cultural heritage, rental homes in Crete vary widely in price.

Signing a lease on a home is the first concrete step toward transferring your tax residency to Greece or other countries where you can live by the sea in retirement. 

 

Rental prices in Crete: variability

What are the factors that determine home rental prices in Crete?

The first is definitely the area where the property is located, understood both as a specific town or city (touristy or off the beaten path) and its position in a given area. For example, the price of a rental property in a hilly area is lower than that of a house facing the sea.

Other factors that determine rental prices in Crete:

• Proximity to major cities
• Proximity to amenities;
• Property type.

 

Affordable rentals in Crete

Generally, properties in the countryside that are more rustic or “traditional” cost less than modern properties.

The closer you move toward the hills and further away from the north coast, which is more touristy and therefore more expensive, the better chance you’ll have of finding a rental at a lower price compared to the centers of better-known cities (Chanià, Aghio Nikòlaos, Heraklion, etc.).

The south coast is generally more affordable, and it is easier to find houses for rent by the sea whose prices are lower. Of course, this convenience comes with downsides: limited or distant amenities, “mountain” life, and relatively isolated areas.

Rental prices by zone

As a very general average, the price for renting a good, modern, furnished studio apartment of circa 40 square meters will cost about €500 per month.

Let’s go more into detail and look at average prices by property type in Crete’s major cities, the ones which are located in tourist areas and/or near beaches and airports: 

Furnished studio apartment	Average monthly price
Chanià	600 €
Aghio Nikòlaos	600 €
Heraklion	400/450 €
Siteia	400/450 €
Ierapetra	400/450 €
Rethymno	500 €

Prices change as you move toward the hills, i.e., toward the inland of the island of Crete, and thus away from the north coast. Prices drop by €50 to €100 depending on how far the property is from the coast.

For example: the average rental price for a furnished studio apartment in the hinterland of Chanià is about €500 per month; in the hinterland of Rethymno it drops to about €400 per month; while in the hinterland of Heraklion, Siteia and Ierapetra, it can even reach €350 per month.

 

Average rental prices for apartments or cottages with gardens

Again, prices vary widely and depend on the type and condition of the property, as well as its specific location.

On average, leasing an apartment or a small house with a garden (for example, a townhouse of about 80 square meters) located in Heraklion, Siteia or Ierapetra will cost about €750 per month, while in Chanià and Aghios Nikòlaos, the price rises to €900 to €1,000 per month. 

In Rethymno, on the other hand, the average price is about €800 per month. 

By going inland or to the south coast of the island of Crete, on the other hand, the average rental price of an apartment or a small house with a garden in the hills of Heraklion, Siteia, Lasithi and Ierapetra will be about €600 monthly and about €800 monthly in the hills of Aghios Nikòlaos and Chanià. 

Going inland to Rethymno, the average price is about €700 monthly.

Average prices for renting a detached house in Crete

To lease a modern or traditional but renovated single-family home with a swimming pool and private garden, the average price is €1,000 to 1,500 per month, inland or on the south coast.

If, on the other hand, you are considering renting a similar property in the more touristy towns of the north coast, close to the main cities, you’ll need to budget about €2,500-€3,000 per month for Chanià and Aghios Nikòlaos, and €1,500 to €2,000 per month for Heraklion, Siteia, Ierapetra, and Rethymno.

Long-term rentals

If you wish to transfer your tax residence to Crete and lower the taxes on your private pension, you will need to sign a long-term rental contract, i.e., not less than 12 months in duration.

It isn’t easy to navigate the Greek real estate market, especially when it comes to renting. In fact, many landlords aren’t willing to register the rental contract with the municipality of residence. As a result, you may find yourself in an unpleasant situation, because your rental agreement must be registered with the local municipality to qualify for residency.

To find a rental in Crete and be sure to head down the right path to obtaining tax residence in Greece, it is essential to seek the advice of a professional who:

• can perfectly translate from Greek to English;
• is familiar with the local real estate market and how it works (formal and informal rules);
• knows how to bargain with property owners or Greek agencies; and
• can assist you in drafting and registering a long-term rental contract in Greece.

 

How to rent a house in Crete

REFRAMED organizes real estate trips dedicated to seeing and inspecting properties for rent (or sale) in Crete and all the necessary bureaucratic paperwork to obtain Greek tax residence and thus tax-exempt pension (7% for 15 years). 

We are also available to visit the properties you are interested in for you and to handle the signing and registration of your lease in Crete without leaving your country. This is, of course, a much quick and cheaper solution for those who do not wish to travel there in person.