Sydney rents rank 10th place among the most expensive cities in the world
Three Australian capital cities sit among the most expensive in the world to rent in the 2017 Rental Index produced by Nested.
Nested, the London based online realtor, have produced the 2017 Rental Index in conjunction with their recent Real Estate Index.
The study illustrates the price of renting per square foot in 50 major cities worldwide.
The research further conveys the minimum gross salary required to support an individual and a family of four in rented property, based on the minimum space recommended for one person, and for four people respectively.
The comprehensive study was undertaken in order to understand the costs associated with renting as an individual and as a family, and to determine whether cities are becoming increasingly unaffordable.
The price per square foot of property was calculated based upon current market listings for all locations researched, whilst the minimum space recommended for one person and four people is laid out in guidelines from an urban planning authority.
Global cities:
The three most expensive cities to rent globally are all in America: San Francisco, New York City and Boston. 120 global cities were included in the study.
Of the cities included in the list, five of the top ten most expensive cities to rent are in the US.
The most expensive city outside of the US for rental is Hong Kong, where a annual gross income of $66,530.07 is required to afford the minimum space recommended for one person and living costs.
To afford the minimum space recommended for a family of four and cover additional living costs in Hong Kong, an annual income of $126,236.28 is required.
Of the 120 cities included, Cairo is the cheapest city to rent property, at just 28 cents per square foot.
To afford the recommended space for one person and cover additional living costs in Cairo, a gross income of $6,130.89 per year is needed.
To pay for family rental and additional living costs in Cairo, a gross income of $11,633.11 per year is needed.
At $1.09 per square foot, rental in Detroit is cheaper than in Cape Town, Bangkok or Jakarta.
The top 50 results for the global cities list, ranked by the cost of rental per square per metre, are as follows:
City | Cost Per Sq. Foot | Monthly Rental for a Single Person | Yearly Income Needed to Afford Single Person Rental | Monthly Rental for a Family | Yearly Income Needed for to Afford Family Rental | |
1 | San Francisco, USA | $4.95 | $2,077.96 | $85,985.38 | $3,942.82 | $163,151.17 |
2 | New York City, USA | $4.75 | $1,994.00 | $82,511.17 | $3,783.51 | $156,559.03 |
3 | Boston, USA | $4.10 | $1,721.14 | $71,220.00 | $3,265.77 | $135,135.31 |
4 | Hong Kong, Hong Kong | $3.83 | $1,607.81 | $66,530.07 | $3,050.71 | $126,236.28 |
5 | Dubai, UAE | $3.53 | $1,481.87 | $61,318.76 | $2,811.75 | $116,348.28 |
6 | Singapore, Singapore | $3.34 | $1,402.11 | $58,018.34 | $2,660.41 | $110,085.96 |
7 | Washington D.C., USA | $3.33 | $1,397.90 | $57,670.76 | $2,652.44 | $109,756.14 |
8 | Geneva, Switzerland | $3.09 | $1,297.16 | $53,675.59 | $2,461.27 | $101,845.68 |
9 | Seattle, USA | $3.07 | $1,288.76 | $53,328.00 | $2,445.34 | $101,186.48 |
10 | Sydney, Australia | $2.93 | $1,229.99 | $50,896.14 | $2,333.83 | $96,572.28 |
11 | Zurich, Switzerland | $2.91 | $1,221.60 | $50,548.97 | $2,317.90 | $95,913.12 |
12 | Los Angeles, USA | $2.86 | $1,200.61 | $49,680.41 | $2,278.07 | $94,264.92 |
13 | London, UK | $2.86 | $1,200.61 | $49,680.41 | $2,278.07 | $94,264.92 |
14 | Miami, USA | $2.86 | $1,200.60 | $49,680.41 | $2,278.07 | $94,264.97 |
15 | Chicago, USA | $2.49 | $1,045.28 | $43,252.97 | $1,983.36 | $82,070.07 |
16 | Copenhagen, Denmark | $2.36 | $990.71 | $40,994.90 | $1,879.81 | $77,785.20 |
17 | Tokyo, Japan | $2.34 | $982.32 | $40,647.72 | $1,863.88 | $77,126.04 |
18 | Vancouver, Canada | $2.31 | $969.72 | $40,126.34 | $1,839.98 | $76,137.12 |
19 | Amsterdam, Netherlands | $2.26 | $948.73 | $39,257.79 | $1,800.16 | $74,489.40 |
20 | Paris, France | $2.19 | $919.35 | $38,042.07 | $1,744.40 | $72,182.04 |
21 | Melbourne, Australia | $2.10 | $881.57 | $36,478.76 | $1,672.71 | $69,215.64 |
22 | Oslo, Norway | $2.01 | $843.78 | $34,915.03 | $1,601.02 | $66,249.12 |
23 | Reykjavik, Iceland | $2.01 | $843.78 | $34,915.03 | $1,601.02 | $66,249.12 |
24 | Stockholm, Sweden | $2.00 | $839.59 | $34,741.66 | $1,593.06 | $65,919.72 |
25 | Dublin, Ireland | $1.95 | $818.60 | $33,873.10 | $1,553.23 | $64,271.64 |
26 | Seoul, South Korea | $1.89 | $793.41 | $32,830.76 | $1,505.44 | $62,294.04 |
27 | Toronto, Canada | $1.89 | $793.41 | $32,830.76 | $1,505.44 | $62,294.04 |
28 | Auckland, New Zealand | $1.88 | $789.21 | $32,656.97 | $1,497.47 | $61,964.28 |
29 | Brisbane, Australia | $1.87 | $785.01 | $32,483.17 | $1,489.51 | $61,634.88 |
30 | Helsinki, Finland | $1.84 | $772.42 | $31,962.21 | $1,465.61 | $60,645.96 |
31 | Beijing, China | $1.83 | $768.22 | $31,788.41 | $1,457.65 | $60,316.56 |
32 | Perth, Australia | $1.79 | $751.43 | $31,093.66 | $1,425.79 | $58,998.24 |
33 | Munich, Germany | $1.77 | $743.03 | $30,746.07 | $1,409.86 | $58,339.08 |
34 | Shanghai, China | $1.76 | $738.84 | $30,572.69 | $1,401.89 | $58,009.20 |
35 | Milan, Italy | $1.74 | $730.44 | $30,225.10 | $1,385.96 | $57,350.04 |
36 | Rome, Italy | $1.68 | $705.25 | $29,182.76 | $1,338.17 | $55,372.56 |
37 | Tel Aviv, Israel | $1.68 | $705.25 | $29,182.76 | $1,338.17 | $55,372.56 |
38 | Frankfurt, Germany | $1.59 | $667.47 | $27,619.45 | $1,266.48 | $52,406.04 |
39 | Edinburgh, UK | $1.49 | $625.49 | $25,882.34 | $1,186.83 | $49,110.24 |
40 | Houston, USA | $1.49 | $625.49 | $25,882.34 | $1,186.83 | $49,110.21 |
41 | Dusseldorf, Germany | $1.47 | $617.10 | $25,535.17 | $1,170.90 | $48,451.08 |
42 | Madrid, Spain | $1.39 | $583.51 | $24,145.24 | $1,107.18 | $45,814.32 |
43 | Hamburg, Germany | $1.39 | $583.51 | $24,145.24 | $1,107.18 | $45,814.32 |
44 | Vienna, Austria | $1.37 | $575.12 | $23,798.07 | $1,091.24 | $45,154.80 |
45 | Taipei, Taiwan | $1.37 | $575.12 | $23,798.07 | $1,091.24 | $45,154.80 |
46 | Brussels, Belgium | $1.37 | $575.12 | $23,798.07 | $1,091.24 | $45,154.80 |
47 | Moscow, Russia | $1.34 | $562.52 | $23,276.69 | $1,067.35 | $44,166.24 |
48 | Bristol, UK | $1.30 | $545.73 | $22,581.93 | $1,035.49 | $42,847.92 |
49 | Berlin, Germany | $1.25 | $524.74 | $21,713.38 | $995.66 | $41,199.72 |
50 | Southampton, UK | $1.24 | $520.54 | $21,539.59 | $987.70 | $40,870.32
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For the full results of the Real Estate Index with interactive table of findings, click here.