Ranked: Average rent prices of the world's top financial cities spanning London to Hong Kong to Frankfurt

Rebecca Smith
Average rent in the capital was only the 20th highest compared to the globe's other top financial cities
Average rent in the capital was only the 20th highest compared to the globe's other top financial cities (Source: Getty)

The capital's renters who work in the City may not be getting a raw deal when it comes to rent – at least not when London’s stacked up against the globe’s other top financial cities.

London is the leading financial hub based on the latest rankings in the Global Financial Centres Index by the Z/Yen Group. That considers elements such as competitiveness and transaction volume.

But according to analysis by US apartment search site RentCafe, London's average rent isn’t bad at all compared to some of the other financial heavyweights.

Read more: Mayor says banks would move outside of Europe in the wake of a hard Brexit

Looking at average rent prices for one-bedroom flats between 600 and 999 square feet, RentCafe found that you’d get a flat of the above description for $1,650 (£1330) in London, but would have to cough up double that to get the same in New York at $3,680.

Overall, 19 other cities had more expensive rent despite the capital having the highest clout in the top financial cities rankings.

Renters in Hong Kong averaged $2,740 a month for the same-sized apartment, making it the fourth most expensive financial city in the world to live for renters.

As for the best deals, RentCafe said the cheapest rent in the European financial hubs can be found in Munich at $1,110 per month.

Across all of the cities considered, Casablanca was the cheapest place entirely, with flats commanding $820 on average.

US rents were among the highest while Hong Kong and Geneva were more expensive than London too
US rents were among the highest while Hong Kong and Geneva were more expensive than London too (Source: RentCafe)

Read more: House prices in this London borough are 38 times annual earnings

The top 30 financial cities by rent price:

Financial city Average rent for one bedroom flat Financial rank
New York City $3,680 2
San Francisco $3,360 6
Boston $2,930 7
Hong Kong $2,740 4
Geneva $2,320 23
Zurich $2,200 9
Singapore $2,050 3
Tokyo $2,050 5
Sydney $2,040 11
Dubai $2,040 18
Los Angeles $2,030 25
Seoul $1,990 14
Washington $1,940 10
Shanghai $1,910 16
Beijing $1,900 26
Paris $1,730 29
Chicago $1,720 8
Melbourne $1,690 24
Cayman Islands $1,680 28
London $1,650 1
Luxembourg $1,530 12
Shenzen $1,520 22
Osaka $1,440 17
Vancouver $1,400 20
Frankfurt $1,350 19
Toronto $1,200 13
Munich $1,110 27
Taipei $910 21
Montreal $850 15
Casablanca $820 30

Ranking The world's top 30 financial centres
1 London
2. New York
3. Singapore
4. Hong Kong
5. Tokyo
6. San Francisco
7. Boston
8. Chicago
9. Zurich
10. Washington DC
11. Sydney
12. Luxembourg
13. Toronto
14. Seoul
15. Montreal
16. Shanghai
17. Osaka
18. Dubai
19. Frankfurt
20. Vancouver
21. Taipei
22. Shenzhen
23. Geneva
24. Melbourne
25. Los Angeles
26. Beijing
27. Munich
28. Cayman Islands
29. Paris
30. Casablanca

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