10. Singapore – $4,276
Some will blame the number of wealthy investors and businessmen flocking to Singapore. Others will point the finger at inflation, and still others will lament high tax rates (but really, isn’t this the case worldwide?). Squeaky-clean Singapore (seriously, have you seen their streets? Spotless!) posts a hefty price tag, and one that has shot up in recent years.
9. Geneva, Switzerland – $5,000
As the Swiss franc is remarkably strong compared to the dollar and the euro, it’s not surprising that rent in this city is so high. Plus, a city that is renowned for its high-end retail, including everything from clothing to chocolates, is likely to have high-end rents to go along with it.
8. Paris, France – $5,501
The City of Love becomes a bit less lovely when you look at how much it costs to live among the twinkling lights of the city center. The good news is that the Paris Métro is excellent, and connects the outer parts of the city with ease. So you can pick an arrondissement a bit farther out to save some dough.
7. Bermuda – $5,597
The tropical paradise of Bermuda is a prime tourist destination, making it that much more difficult to live their permanently on the cheap. With so many visitors willing to spend freely on their island vacations, locals are often pushed out of the city center for more affordable areas. Maybe it’d be easier to just set up camp on the beach?
6. Hong Kong Island, Hong Kong – $6,198
The bulk of Hong Kong Island is densely packed into a small urban center, allowing the demand for the limited number of apartments to push the rent higher. It also serves as a booming financial center and international port. The businessmen and investors who frequently come in and out of the city don’t help matters either.
5. Moscow, Russia – $6,277
Russia’s capital has become a mega city on the Eurasian continent, and Moscow is the undisputed financial center of the country. Moscow’s economy has been steadily on the rise for years. Those who live in the heart of the city have had to keep pace with the prices that have risen alongside it. Older residents point to the nouveau riche “New Russians” for flaunting their money and driving up prices.
4. Tokyo, Japan – $6,341
Tokyo is continually ranked among the most expensive cities in the world, most likely due to its enormous role in the world economy. It is considered to have the most purchasing power parity in the world and is home to more Global 500 companies than any other city in the world. In addition, the city boasts a very large tourism industry, which can drive up prices for locals.
3. New York City, U.S.A. – $6,553
It’s no surprise that New York City makes the list, especially when looking at space vs. demand. Approximately 8 million people live in New York City, the bulk of whom are looking for a place in Manhattan, a geographically small island that is also home to a massive international economy. A never-ending demand combined with multi-million dollar penthouse apartments owned by the ultra-wealthy push New York rental averages through the roof, despite frequent calls for increased affordable housing.
2. London, U.K. – $6,856
London’s position as a leading global city has held for centuries, so it’s no wonder that the high demand for apartments raises rent prices so high. It is the world’s most visited city (as measured by number of international arrivals), is a leading financial center, and is also home to multiple World Heritage sites. Though the city has many diverse pockets, the city center is utterly posh and unaffordable for most Londoners.
1. Monaco – $10,099
Though the prices of all of the aforementioned cities were staggering, Monaco blows them all out of the water. It is the second-smallest country in the world and the most densely populated, making the demand for its limited housing stock incredibly strong. It has become a tourist destination, particularly for those interested in gambling, and is widely considered a playground for the rich and famous. With low business taxes and no income tax (!), it has greatly spurred investment, but rent prices as well as others associated with cost of living are through the roof.
