Global residential rents surge at three times their pre-pandemic level
- Knight Frank’s Prime Global Rental Index confirms average prime rents in key world cities are running hot with annual 7.5% growth in the 12 months to June
- Knight Frank’s Prime Global Rental Index pre-pandemic average annual rental growth was 2.2%
- Singapore has seen 24.5% annual growth to June 2023
- Rents fall in Hong Kong at slower pace than last quarter at -1.3%
- New York has seen rental growth of 56% since Q1 2021
- Liam Bailey, global head of research at Knight Frank said: “Housing rents have risen by more than 50% in key global cities in just two years, and are continuing to rise at three times their pre-pandemic rate. Affordability of housing is set to become the leading political issue within the next 12 months. The need for honest conversations about real supply-side solutions is becoming critical.”
