Prime residential rental growth in London reached 27% in the 12 months to the end of June, placing the city in second place on Knight Frank’s Prime Global Rental Index.
New York topped the table, with annual growth of 39%. Rents in Manhattan are now 17% above their pre-pandemic levels.
Singapore came third with rental growth of 15.8%. April saw the city-state reopen, leading to a return of expatriates and professionals. The city has a foreign workforce of 656,000, many of whom rent.
According to Knight Frank’s report, the cities struggling over the past year have included Hong Kong, which saw rents contract by 2.1%, and Auckland, which posted growth of -1.6%.
Expatriates have been a major source of rental demand in Hong Kong, as travel restrictions have dented demand.
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