Top 10 most expensive cities to rent a luxury apartment
For the second year in a row, Hong Kong is the most expensive city in the world in which to rent a luxury three-bedroom apartment. What else made the top 10?
For the second year in a row, Hong Kong is the most expensive city in the world in which to rent a luxury three-bedroom apartment.
According to the latest data from ECA International, a global consulting firm that releases the figures for companies sending employees to work abroad, Hong Kong's rental prices have dropped slightly from last year's high of $US11,813 ($A11,327), to $US11,549.
But despite the decrease, Hong Kong still out-ranked the runners-up — Caracas, New York, and Moscow — by a minimum of $US2000 a month.
So what makes for the sky-high rental prices?
"Strong demand and a limited supply of suitable rental properties are pushing up rents for high-end property – in some cases quite dramatically," says Lee Quane, regional director of ECA International in Asia.
"In other locations such as Hong Kong, demand has been considerable for some time, due to limited land or a burgeoning middle class."
Globally, rental prices for a three-bedroom apartment have slipped fractionally from last year's average of $US3080 to $US3030 per month. Tokyo luxury rentals in particular are down 5 per cent, and those in Mumbai have dropped an average of 12 per cent in cost within the last year.
Sydney was the only Australian city to make the top 20, coming in as 12th most expensive at $US4858 ($A4658) per month.
The top 20:
20. Buenos Aires - $US4170 per month.
19. Beijing - $US4203
18. Paris - $US4329
17. Mumbai - $US4435
16. San Francisco - $US4461
15. Zurich - $US4636
14. Seoul - $US4706
13. Geneva - $US4808
12. Sydney - $US4858
11. Shanghai - $US4859
10. Rio de Janeiro - $US5067
9. Lagos - $US5275
8. Singapore - $US5511
7. Bogota - $US5643
6. London - $US7859
5. Tokyo - $US8726
4. Moscow - $US8874
3. New York City - $US9020
2. Caracas - $US9090
1. Hong Kong - $US11, 549