Prime Global Rental Index Q2 2022
The PGRI tracks the movement in luxury rents across 10 global cities
Q2 2022 Key findings
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
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
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
Hong Kong (-2.1%) and Auckland (1.6%) sit at the bottom of the rankings table this quarter
Higher mortgage rates have the capacity to increase both demand and supply in the rental sector. Deteriorating affordability in the sales market will push some buyers to rent instead, and with fewer buyers, some sellers may become accidental landlords
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