Asia's financial Capital, Hong Kong, has retained its position of being the most expensive home-renting city in the world. The city grabbed the title second time in a row.
The list of the most expensive home renting cities was compiled by ECA International, an international consultancy. ECA International publishes the list every year using extensive research methods to calculate the prevailing rents in various countries. It also provides rental figures to companies sending their employees overseas for work.
According to the data of ECA International, Hong Kong led the pack of the most expensive rental city in the world despite the slight decline in rents this year. Rent of a three bedroom apartment went down to $11,549 from $11,813 last year, reports Business Insider.
"High demand and limited space have kept up rents for high-end property in Hong Kong for some time now, and that remains the case" Lee Quane, regional manager at ECA International, Asia told CNBC.
In 2012, Wall Street Journal reported that cost of renting an apartment went up by 15 percent giving the city the title of the most expensive rental city. High demand and an even higher population to square-feet ratio was attributed for the high prices.
However, Hong Kong was closely followed by Caracas, the capital city of Venezuela. The rent of a three bedroom apartment in the city was analyzed to be around $9090. New York came in third sporting a $9020 average monthly rental tag.
On the whole, rents have slipped down globally. In 2012, the average rent of a three bedroom apartment was recorded to be around $3080 per month, which went down to $3030 this year, reports Business Insider.
Does this mean that the global real estate markets are cooling off? That will differ from one country to another depending among various economic, financial and demographic factors.
