How much do you have to earn in Hong Kong to rent a 540-sq-ft flat?
A new report from Nestpick, the world’s largest database for furnished flat rentals, looks at the cost of renting in more than 700 neighbourhoods spanning 50 major cities
There are many ways to determine the world’s priciest city.
Copenhagen is the most expensive city for a weekend getaway. Zurich is the most expensive place to buy a movie ticket. London has the most expensive monthly transport pass.
Many urban residents are willing to put up with these high costs of living in exchange for job opportunities, cultural amenities, diversity and nightlife. But, in most cases, they’ll have to contend with steep costs of rent.
A new report from Nestpick, the world’s largest database for furnished flat rentals, takes a look at the cost of renting in more than 700 neighbourhoods spanning 50 major cities. The cities were chosen based on Nestpick’s most common search results and the most popular locations for high-paying jobs.
Data shows the average monthly salary needed to afford a single-person flat – around 540 square feet – in each of these cities.
Before diving into the results, there are some ground rules to consider: the prices are based on median rents for the last quarter of 2018, so they should reflect the current listings for an apartment. Flats are considered “affordable” if households are spending 30 per cent or less of their income on rent – a standard used by the US government.
Based on these criteria, the least affordable city for a single-person apartment is Monaco, where residents must earn nearly US$13,800 a month to rent a small space.