Most Expensive Cities in the World To Rent An Apartment
Rental costs are expensive; there’s no denying it. In cities around the world if you want to find even a studio apartment you’re often going to pay a premium, and that goes up substantially for options like two-bedroom units and condos, or in buildings with amenities. Despite the rising cost of rent, many people, particularly Millennials, still prefer it to buying because it gives them more flexibility in their lifestyle and their career. On the upside, most of the cities with the highest rent prices also have some of the best job markets, so for many people, it can balance out, at least somewhat.
So, what are some of the most expensive cities to find apartments for rent?
San Francisco is a hub of tech activity and is located near Silicon Valley, and that’s part of the reason it’s so expensive to live in this California city. The cost of living is the highest in the world, and this makes it hard to find any kind of affordable housing. According to the National Association of Realtors, buying is a difficult option as well, with existing home prices averaging more than $737,000 in 2014.
The cost of renting on a two-bedroom is an average of $4,650, which is a whopping $1,000 more even than New York City, and $2,000 more than other big cities in the U.S.
The average monthly rent for a single person in Hong Kong is more than $1600 and for a family, more than $3,000 in Hong Kong. Of course, it’s important to realize that the average annual income for a single person is more than $66,000 and more than $126,000 for a family.
The rental market in Hong Kong is strong, and expats have plenty of choices for the most part, despite the rising costs, but the good properties do go fast.
It’s probably no surprise that New York City remains one of the most expensive cities in the world for renters, with the median price of a two-bedroom around $3,600. The cost of living in general in New York is one of the highest in the world, and along with ever-increasing rental prices, the cost of buying homes has gone up significantly as well, with many sold properties breaking records in recent years.
To combat the high cost of rent in the city, more people are moving to outer boroughs or even to places like Jersey City, but as a result, those areas are getting expensive as well.
Vancouver is among the top 20 most expensive cities in the world to rent a home and is the most expensive in Canada. The average cost of rent for a one-bedroom in Vancouver is around $1,900, and it’s steadily been on the rise. The median rent for a two-bedroom is more than $3,100 a month.
Other cities in Canada where rent costs are also high include Toronto, Montreal, and Ottawa. In Toronto for example, the cost of a one-bedroom averages more than $1,600 a month, and more than $2,000 a month for a two-bedroom.