New York has world’s most expensive luxury rental market

People renting luxury accommodation in New York should expect to pay more than tenants renting in any other city, a new report shows.

The latest analysis released by the Savills World Research team shows that luxury rents in New York average £2,300 a week, making it the most expensive prime rental market in the world.

Tokyo is the second most expensive city in the luxury sector, with prime rents averaging £1,940 per week, followed by London (£1,700), Hong Kong (£1,690) and Amsterdam (£1,370).

Rental costs in New York are now 5.4 per cent higher than they were a year ago, the Savills report reveals. A new supply of high-quality prime property was cited as the main driver behind the increased costs.

Of the top five cities, only London has recorded a decline in average rental costs in the prime market over the past year, with costs now 2.9 per cent lower than they were 12-months ago.

Away from the luxury sector, San Francisco – which ranked ninth in prime rental costs – tops the list of the most expensive rent in the overall market, with an average weekly rental cost of £460 per week.

New York City ranked second for the overall rental market, while Los Angeles, which didn’t feature in the top 10 for luxury rentals, came in third.

Article published 22nd March 2018