Prime residential rental growth in London grew by 19% in the year to Q3 2022, placing the city third in Knight Frank’s Prime Global Rental Index report.
However, annual rental growth is down from 27% last quarter, reflecting the slowdown from the summer rental peak.
Knight Frank’s data shows the number of new prospective tenants was 60% above the five-year average (excluding 2020) in October, while new listings were down by a third.
New York topped the rankings for the third consecutive quarter with annual growth at 31%. Limited stock and continued demand are keeping rents elevated but the rate is still a fall from 39% last quarter.
The number of properties for rent across Manhattan is down 5% over the quarter but 65% lower compared to pandemic times in September 2020 according to StreetEasy, a real estate search engine.
Singapore sits in second place on Knight Frank’s Prime Global Rental Index, registering a 23% rise in prime rents over the last 12 months.
The report further stated that across 10 global cities, prime rents increased 10.2% on average in the 12 months to Q3 2022, down from a high of 11.9% in Q1 2022.
Two cities saw prime rents decline year-on-year – Hong Kong at -5% and Auckland at -2%.
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