On the whole, high-end rental costs are up nearly +12% y/y across 10 global cities.
Average Rental Rate for Luxury Homes Across 10 Global Cities Surged in Q1 22
A recently released report from Knight Frank indicated that the average rental rate for luxury homes jumped almost +12% y/y during Q1 22 across 10 major global cities.
New York City and London saw the largest bump-ups in the cost of renting a high-end home, +38.5% y/y and +26.4% y/y respectively.
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Kate Everett-Allen, head of international residential research with Knight Frank, said that much of this growth in high-end rental costs was due to a “…return to pre-COVID levels.”
Y/Y % Change in Average Cost of High-End Rental Homes
New York City – +38.5%
London – +26.4%
Toronto – +17.2%
Singapore – +10.8%
Sydney – +7.5%
Auckland – +6%
Tokyo – +5.2%
Hong Kong – +4%
Monaco – +2.8%
Geneva – +1.1%
Everett-Allen said, “This first set of results confirm the extent to which top-tier cities are seeing demand return and stock dwindle as workers, along with international students and corporate tenants, return to the prime end of the market. Key to this trend has been the lifting of COVID restrictions and a lack of supply, in part borne out of the sales boom which motivated some landlords to sell, not rent, during the pandemic.”
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Thanks to Knight Frank and MansionGlobal.