Long a international destination for luxury rentals, Hong Kong has retained it’s title as the world’s most expensive city for luxury rentals, according to a new report from brokerage Knight Frank.
In 2020, the average rent for property in Hong Kong was $6.70 per square foot.
“A tenant with a budget of $10,000 [U.S. dollars] per month would be able to rent less than 1,500 square feet,” said Kate Everett-Allen, Knight Frank’s head of international residential research, according to Mansion Global.
New York City came in at no. 2 on the list, where one could get a surprising amount of space—by New York standards. Average rents there are about $4.44 a square foot, which means $10,000 a month can fetch an average of 2,249 square feet.
According to Mansion Global, Dubai and Madrid offered the most space in the luxury rental market. With a $10,000 per month budget, renters would be looking at 4,800 and 5,000 square feet, respectively.