Renter FAQ
Renting in San Miguel de Allende — long-term and vacation rentals, deposits, utilities and permits.
What documents are needed to rent a home?
The documents listed below will need to be provided to the agent representing the owner or the renter.
For Renters:
• ID
• Some kind of proof of the financial means to pay the rent
• Some landlords also do a standard background or credit check before they will rent to you.
For Owners
• ID
• Proof of ownership (usually a copy of the deed)
• Telmex or CFE bill that corresponds to the property.
Do I need to change the utilities into my name?
No. The utilities will stay in the name of the homeowner because the homeowner needs them to show proof of ownership when they sell the property.
The only exception to this is when a property is rented for commercial or business purposes. In this case, the utilities may be changed into the name of the renter or business so that they can receive tax deductions.
Can you manage my property?
Several agents within Realty San Miguel do provide property management services. Ask one of our agents to introduce you or give you their contact information. When it comes to property management, these agents are working independently of Realty San Miguel.
What is required to open a Mexican bank account?
To open a Mexican bank account, you have to have either temporary or permanent residency (residente temporal or residente permanente). Either one is fairly easy to obtain for those who are of retirement age and have a source of income in their home country. If you qualify, it is always best to apply directly for residente permanente, which is good for life. Residente temporal, on the other hand, requires renewal and increases the cost over the long run.
Word of caution: if you are a US citizen and have more than $10,000 USD in foreign bank account(s) at any time during a year, you will be required to file an FBAR report to the US Treasury the following year. Penalties for non-compliance are excessive. For this reason, many property owners avoid holding more than $10,000 USD in their Mexican bank accounts.
If you’re ready to apply for a visa, Realty San Miguel can recommend visa specialists to help you, so feel free to connect with one or our agents.
How long will it take to rent my house?
Like selling a home, much depends on location, condition, and how you’ve priced the rental compared to the current inventory of competing rentals.
To help you understand the current market, Realty San Miguel has several agents that specialize in rentals and who can not only promote your rental but also give you valuable insights.
How long will it take for my property to be promoted on your website?
After you sign a listing contract with one of our agents, the agent will have your home professionally photographed.
Once the photographs are finished, it usually takes only one to two days to upload your property to our site.
Are there any tax deductions for renting my house?
We are not experts on taxes, so we recommend that you talk to your tax advisors. Keep in mind that potentially, you'll be dealing with two tax jurisdictions - Mexico's, and that of your home country.
Many find it helpful to ask other homeowners how they handle their rental income and expenses both here in Mexico and in their home country.
Can I rent my house via Airbnb?
Yes, it’s possible.
Do note that the city of San Miguel de Allende requires an annual permit and liability insurance, and collects fees of about $45,000 MXN yearly.
Most clients use a facilitator ($100+/- USD) to handle the permit process.
If you’d like, one of our rental agents can point you in the right direction or connect you with a facilitator.
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