Average Rental Price in The Bahamas: 2024 Guide

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President & CEO at Better Homes and Gardens MCR Bahamas

Carey is recognized as one of The Bahamas’ most respected real estate professionals. He holds the record of selling the largest beachfront property of $21 million (vacant land) in the Bahamas and has also been the Top Producer of real estate transactions in Ocean Club Estates. With over 30 years of sales experience, Carey founded MCR in 2008 and now employs an elite team of 25 highly skilled associates.

What is the average rent in The Bahamas?

The average rental price for a one-bedroom apartment in The Bahamas is approximately $1,161/month across the entire country, particularly in the city center. However, you may be able to find studios for less.

This number is slightly skewed by higher costs near the cities and popular neighborhoods of Nassau and Freeport. However, cities balance out the higher rental prices with easy access to food, utilities, entertainment, and transportation.

Monthly Rental Prices in The Bahamas

Prices will differ if you’re looking for a single-bedroom apartment or are moving with a family. On average, a three-bedroom in a larger city costs around $2,600.

The average rent prices for 3-bedroom apartments differ by location:

Nassau: $3,000/month
Freeport: $1,600/month
Eleuthera: $1,200/month

Rent might seem expensive to some expats, but if you’re coming from a big city like New York, San Francisco, or Toronto, these rent prices may feel equivalent or mid-priced, if not slightly cheaper.

In fact, the average rent prices in The Bahamas are somewhat more affordable than rental rates in the United States–almost 8% less.

Of course, the rental market is subject to fluctuations, and these figures might change over time. It is always best to research current market conditions and consult with professionals like MCR Bahamas before making any decisions relating to renting or buying property in The Bahamas.

Still, rent can be freely negotiated between landlords and tenants, since there are no government restrictions placing limits on rental values.

Visitors from the United States should keep in mind that the maximum period of stay without a visa or application for permanent residency is eight months.

Ready to check out your Bahamas rental options?

Check out MCR Bahamas’ current list of home rentals.

Average Rent for Vacation Homes

Vacation homes are a popular option for Bahamas visitors who prefer an all-inclusive “home away from home” feeling on their trip. Vacation or short-term rentals are usually intended for stays shorter than 30 days.

Prices vary depending on the location, size of the rental, and amenities you’re looking for. You can find a luxury condo in Nassau for $200/night for two people—or a private island for $19,000 a night for 12 people.

Some of our more expensive luxury rentals go for $40,000/month.

Expect off-peak averages in quieter areas to cost less, with estimated monthly costs for luxury accommodations in popular areas to be higher in the peak months of December through April.

Explore our MCR Bahamas rental homes and let us guide you to your perfect island abode that exudes tranquility and luxury.

Long-Term Rental Prices in The Bahamas

Long-term stays are usually extensions of vacation rentals that offer discounts for extended reservations. For example, if you stay at a rental property for six weeks, you could pay less nightly than if you only stayed for a few days.

Of course, the rental price for long-term stays, usually for 30 days or more, depends on the location, area, and length of stay. Typically, long-term rentals start at $1,100/month for a one-bedroom apartment.

If you want to experience luxury with tropical vibes, here are the typical long-term rental prices for these accommodations:

High-rise condos: $2,000 to $5,000 per month
Vacation homes: $2,500 to $6,000 per month
Rental homes with a pool: $2,500 to $8,000 per month
Beach houses: $3,000 to $10,000 per month
Beachfront villas: $4,000 to $40,000 or more per month
Luxury villa rentals: $6,000 to $60,000 or more per month
Beachfront villa residences: $4,000 to $390,000 or more per month

Dive into our wide selection of long-term rental properties here at MCR Bahamas.

Average Rental Prices in Nassau

The average cost of rent in Nassau varies depending on whether you plan on renting in the city center or not, during peak season or not, and long-term or just a few nights.

Here are the average rental prices in Nassau:

1-bedroom apartment in the city center: $1,161.54/month
1-bedroom apartment outside the city center: $1,140.00/month
3-bedroom apartment in the city center: $2,663.40/month
3-bedroom apartment outside the city center: $3,058.33/month

Overall Cost of Living in The Bahamas

The cost-of-living database Numbeo reports the monthly average cost of living in The Bahamas (excluding rent) is:

Family of 4: $4,920.6/month
Single person: $1,393.2/month

This cost of living includes food, transportation, clothing, childcare, and more. While these numbers might feel high, renters will particularly appreciate that most apartments come pre-furnished, keeping initial costs of moving low with less furniture to move to your new home.

Plus, the money you’ll save on income and real property taxes should help with these adjustments.

To give you an idea of the cost of living, here’s a brief breakdown of what you could experience:

Eating out: Eating out in The Bahamas is slightly more expensive compared to the U.S. Average prices can range between $8.50 for fast food to $100 for a mid-priced three-course meal for two.
Health insurance: Health insurance will vary depending on several factors like age, medical conditions, and the type of coverage. Basic plans cost around $50 per month, while comprehensive plans with more benefits can cost up to $1,000 per month.
Utilities: Utilities in The Bahamas typically do run higher compared to the U.S. You can expect to pay around $137-$400 monthly (electricity, heating/cooling, and water) for a smaller-sized apartment.
Groceries: Grocery prices can vary throughout the island and you’ll find the fresh produce is comparable to pricing you find in the U.S.

Cost of Living in Nassau

The cost of living in Nassau can be lower than in the rest of The Bahamas islands. Living costs include childcare, transportation, clothing, and more.

Here are the average prices you can expect to pay when you live in Nassau:

Public transit: The monthly pass for public transit is $45, which is the same cost for The Bahamas in general.
Utilities: Basic utilities, including electricity, water, and heating/cooling, can cost at least $300.

Groceries: In general, produce, meat, and other grocery items are less expensive in Nassau than in the rest of The Bahamas.

More Cost of Living Data in The Bahamas

Here are some average prices for items in The Bahamas:

Overall cost of living: The monthly average cost of living in The Bahamas is $6,841.53 for a family of four and $2,192.87 for a single person.
Drinking water: 1.5 liters of water can cost around $2.50.
Sports and Leisure: Monthly membership at a fitness club ranges from $40.00 to $188, with an average of around $95.30.
Cappuccino: A cup of your favorite hot beverage costs about $5.05.
Monthly internet cost: An internet cost of 60 Mbps or more costs around $71.

Advantages and Disadvantages of Living in The Bahamas

Living in The Bahamas is a dream for many people and has some major perks. Before you make any decisions, it’s important to know the benefits and drawbacks of life on this beautiful island chain.

Benefits of living in The Bahamas

The coastlines, year-round tropical weather, and laid-back lifestyle are just a few of the major selling points for a move to the islands.

The Bahamas has a high literacy rate of 95%, which is reflected in the number of high-quality schools throughout the archipelago. Some of the best international schools can be found in New Providence and Grand Bahama.

Other pros of living in The Bahamas include:

Rich Culture: The Bahamas boasts a culture deeply rooted in a mix of African, European, and indigenous influences, best demonstrated through its music, art, and annual Junkanoo festival.
Entertainment: With its high-end resorts, world-class casinos, diverse culinary scene, and vibrant nightlife, The Bahamas offers an endless array of entertainment opportunities for all ages.
Stunning Beaches: The Bahamas is home to some of the world’s most beautiful beaches, characterized by powdery white sand and crystal-clear turquoise waters, notably the famous Pink Sands Beach on Harbour Island.
Luxury Housing: Luxury housing in The Bahamas ranges from ultra-modern, beachfront condos in Paradise Island to sprawling, private estates in Ocean Club or Lyford Cay, all offering a blend of comfort, style, and exclusivity.
Tax Benefits: The Bahamas provides significant tax advantages, including no income tax, capital gains tax, or inheritance tax, making it an attractive domicile for international businesses and high-net-worth individuals.
Low Crime Rates: In comparison to many global cities, most tourist-centric areas and luxury residential communities in The Bahamas maintain relatively low crime rates, contributing to a sense of safety and tranquility.
Natural Beauty: The Bahamas is a natural paradise, blessed with diverse flora and fauna, lush tropical landscapes, and over 700 islands and cays offering breathtaking views and unique ecosystems to explore.
Healthcare: The Bahamas has an excellent healthcare system, with several private health facilities available to expats.
Stable political environment: The Bahamas is considered a country with a stable political environment, built upon a system of parliamentary democracy similar to the United Kingdom’s.
Residency: The Bahamas offers an attractive permanent residency program to eligible investors. This can provide further tax advantages and ease of travel within the region.
Booming tourism industry: The Bahamas thrives on tourism, as it brought in $1 Billion in 2020, providing plenty of business and employment opportunities.
English-speaking: English is the official language of The Bahamas, making it easier for international residents and businesses to communicate and navigate.
Excellent connectivity: There are several Bahamas airports that make it easy to travel to and from the islands. Nassau’s Lynden Pindling International Airport and Grand Bahama International Airport are well-connected to the world, with direct flights to cities in the United States, Canada, Europe, and the Caribbean. Marsh Harbour International Airport, San Salvador International Airport and Exuma International Airport that have direct flights from the U.S and Canada one to twice a week flying in directly to those islands.
Currency: The Bahamian Dollar (BSD) is pegged 1:1 to the US Dollar, which provides a stable and secure currency environment and helps with international transactions.
Water activities: The Bahamas offers world-class water activities such as diving, snorkeling, boating, and fishing, making it an ideal destination for water sports enthusiasts.
Retirement options: The Bahamas has developed infrastructure, a beautiful environment, and a comfortable cost of living, which makes it an attractive choice for retirees looking for a second home.
Telecommunications: The Bahamas has a modern telecommunications infrastructure, with widespread access to the internet, mobile coverage, and cable TV.

Potential Limitations to Living in The Bahamas

Despite the many pros, some challenges to living in The Bahamas can include:

- Limited public transportation: Transportation outside of larger cities like Nassau may be more difficult for individuals without a car. While Nassau and Freeport have public transportation, outside these urban areas, it can be quite limited. Taxis, car rentals, and jitneys are available, but they may be more expensive than public transport options in other countries.
- Cost of living: The cost of food and other basic goods can run higher due to import tariffs. The Bahamas is considered to have a higher cost of living compared to the global average.
- Utility costs: Utilities, such as water, electricity, and internet, can also be more expensive for renters and buyers alike. Utilities for a family in The Bahamas were estimated to cost $270 per month. Meanwhile, it’s $193 per month in the US. Utilities costs in The Bahamas are often considered more expensive than utilities in many other countries.
Hurricane season: While the weather is beautiful throughout the year, average wind speeds in The Bahamas increase in the summer months to early fall, leading to a hurricane season. Hurricanes and tropical storms are common between June and November, with the peak season in August and September. This is something to consider since it can lead to temporary disruptions in services, communications, and transportation. With the common occurrence of hurricanes, we’d also advise Bahamian residents to get hurricane insurance to protect their property from potential damage.

Property for Rent In The Bahamas

The Bahamas, with its enchanting blend of sun-kissed beaches, crystal-clear waters, and vibrant culture, offers a wide array of rental properties catering to every lifestyle and preference.

Monthly Rentals in The Bahamas

Monthly rentals in The Bahamas are perfect for those looking to immerse themselves in the island life, whether for work, leisure, or a bit of both.

These rentals range from cozy apartments in bustling Nassau to luxurious beachfront condos offering stunning ocean views like The Reef in Atlantis.

Opting for a monthly rental allows you the flexibility to explore the islands without the long-term commitment, making it ideal for digital nomads, vacationers planning extended stays, or professionals on temporary assignments.

To embark on your Bahamian adventure with a monthly rental that suits your needs and desires, MCR Bahamas offers a curated selection of properties, ensuring a seamless and personalized experience from start to finish.

Get a taste of the island life with MCR Bahamas’ monthly rentals.

Long-Term Rentals in The Bahamas

For those seeking to plant deeper roots in the Bahamian sands but don’t want to invest in purchasing a property, long-term rentals offer the stability and comfort of home amidst the tropical paradise.

Long-term rentals in The Bahamas cater to a variety of preferences, from family-friendly homes in gated communities like The Serenity in Nassau to opulent villas that grace the shores. These properties not only provide a luxurious abode but also offer an opportunity to truly connect with the local culture, community, and the laid-back island rhythm.

With MCR Bahamas, finding a long-term rental is more than securing a property; it’s about discovering a lifestyle that resonates with your aspirations and dreams, all while ensuring peace of mind and exceptional service.

Discover your ideal long-term rental with MCR Bahamas.

More About Rental Prices in The Bahamas

Whether you’re dreaming of a seaside villa kissed by the morning sun or a cozy hideaway nestled in the heart of a bustling town, understanding the nuances of rental costs is key to making your Bahamian retreat a reality.

How much does it cost to build a house in The Bahamas?

On average, a simple custom-made home can run between $500 to $1000 per square foot. However, this price point changes depending on the location, types of materials used, customization, and more.

The building costs for a standard home in Abaco can run between $200 to $250 per square foot on average. A luxury home could run higher than $200 per square foot, typically around $750 to $2,000 per square foot.

Where do costs come from? Purchasing of the land, construction costs, transaction fees, and building permits will all impact the building costs.

A building permit is needed for all new construction, which includes homes. A permit is valid for 18 months from the date of issue. An extension can be applied for before the permit’s expiration date if needed.

If you’re looking to build the home of your dreams in this tropical oasis, contact us at MCR Bahamas so we can find the best land for sale for you!

What are food prices like in The Bahamas?

Food prices in The Bahamas are generally higher than in many countries, primarily because most food items are imported. The cost of living on the islands can be quite high, and this is reflected in grocery and restaurant prices.

The cost of a basic (but limited) grocery basket in Nassau, Bahamas (excluding meat) for one person per month is estimated to be around $100 to $150. However, these prices can vary based on the specific location within The Bahamas, the type of store, and the product brand.

Is it expensive to live in The Bahamas?

While it’s true that The Bahamas is celebrated for its luxurious resorts, exclusive communities, and high-quality living standards, this doesn’t mean that the dream is out of reach. The cost of living there reflects its status as a premier destination.

However, the beauty of The Bahamas lies in its diversity. The cost of living here can accommodate a wide range of budgets, significantly influenced by the island you choose to call home, your lifestyle preferences, and how you manage your daily expenses.

Expenses such as housing, utilities, groceries, and transportation do play a role in shaping your cost of living. However, with thoughtful planning and a bit of island savvy, finding a comfortable balance between luxury and affordability is entirely possible.

How much does it cost to rent a house in The Bahamas?

The cost of renting a house in The Bahamas can vary widely depending on several factors including the location, size, and level of luxury of the property. As a general guideline:

For a more modest home or apartment, you might expect to pay anywhere from $1,100 to $3,000 per month.
Mid-range homes, including those with additional amenities or in sought-after locations, can range from $2,000 to $8,000 per month.
High-end luxury homes, particularly those with beachfront access or in exclusive communities like Paradise Island, Lyford Cay, Albany, and Old Fort Bay, can range significantly higher, from $4,000 per month to $60,000 or more per month.

How much does it cost to rent an apartment in Nassau, Bahamas?

The cost of renting an apartment in Nassau, Bahamas, can vary widely based on factors like the location, size, and level of luxury of the property.

For a standard one-bedroom apartment in the city center, the rent could average $1,161 per month. For a similar apartment outside of the city center, the rent might be slightly lower, at an average of $1,140 per month.

For more luxurious or larger properties, monthly rental prices will range between $20,000-$40,000 a month–and can cost upwards of $60,000 a month.

Explore luxury Bahamas rentals

Is The Bahamas cheap or expensive?

The Bahamas is generally considered an expensive destination, especially in comparison to other countries in the region. This is partly because most goods, including food and consumer products, are imported, which drives up costs.

Additionally, the country is known for its luxury resorts, upscale dining, and exclusive activities, all of which cater to a more affluent market.

However, there are ways to explore the island without breaking the bank!

Visiting the Outer Islands or Family Islands like Andros or the Abacos.
Staying in locally-owned guest houses or renting an apartment or house.
Eating where the locals eat.
Traveling during the off-peak season.
Using public transportation.

Get Ready to Rent a Home in The Bahamas

Determining whether to buy, build, or rent a home in The Bahamas largely depends on your unique needs and preferences. By considering various factors like the average rental price in The Bahamas, estimated monthly costs, immigration regulations, permanent residency requirements, and local amenities, you can make an informed decision that fits your lifestyle.

Renting a home in The Bahamas, particularly near popular destinations, offers an excellent opportunity to experience the incredible climate, culture, and beauty of the islands without the long-term commitment of purchasing or building a home. You’ll have access to a range of international amenities, transportation options, all-inclusive entertainment, stunning landscapes, and a vibrant community that attracts visitors from North America and beyond.

Our adept agents at MCR Bahamas, celebrated for their recent triumphs in the luxury real estate market, are dedicated to guiding you in securing your slice of Bahamian paradise. With our proven track record, including landmark sales and a distinctive portfolio of premium properties, we guarantee an experience that’s not just enjoyable but also remarkably seamless.

Whether your aspirations lead you to rent an opulent villa, acquire land for your dream residence, or explore the lifestyle possibilities in this captivating archipelago, our team is committed to providing unparalleled support at every juncture of your journey.

Don’t hesitate to start your journey toward finding the perfect luxury real estate in The Bahamas.