Hong Kong (-2.1%) and Auckland (1.6%) sit at the bottom of the rankings table this quarter. Supply chain disruptions and weather events have delayed construction. It’s a similar story in Sydney (10.4%) where tight stock levels are set against strengthening demand from returning expats and workers relocating from other Australian cities. The city’s foreign workforce currently totals 656,000 according to government statistics. April saw the city-state reopen leading to an uptick in expatriates and returning professionals, many opting to rent. Singapore has leapfrogged Toronto (15.3%) this quarter to take third place with rental growth of 15.8%. London posted 27% annual growth in the year to June putting it in second place, but recent data shows this figure is starting to ebb. Prime rents in Manhattan now sit 17% above their prepandemic levels. New York comes out on top with annual growth of 39%. The Prime Global Rental Index which tracks the movement in luxury rents across 10 global cities, increased 11.3% in the year to June, down from 11.9% in March 2022.īut the dip is small and average annual growth remain in double digits. Prime rental growth peaked in the first quarter of 2022. Deteriorating affordability in the sales market will push some buyers to rent instead, and with fewer buyers, some sellers may become accidental landlords Higher mortgage rates have the capacity to increase both demand and supply in the rental sector.Hong Kong (-2.1%) and Auckland (1.6%) sit at the bottom of the rankings table this quarter.Singapore has moved into third place with rents rising 15.3% in the year to June, due primarily to a return of expatriates since the city-state reopened its borders.
New York leads the annual rankings with prime rental growth of 39%, London is in second place with 27% growth but both markets are likely to see demand ebb and supply increase in the coming months.Prime rental growth peaked in the first quarter of 2022, increasing 11.3% in the year to June, down from 11.9% in March 2022.
The Prime Global Rental Index tracks the movement of prime residential rents across 10 cities. Knight Frank launches its Prime Global Rental Index for Q2 2022 16.10.22
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