Team OpulnzAbode: 21.11.2023, 5.55am: Read Time – 2mins
According to the 2023 study by Deluxe Homes experts, the city with the highest rent per square meter for long-term rentals, particularly focusing on one-bedroom apartments, is New York. Here’s a summary of the findings:
- New York: Tops the list with the highest rent per square meter at $50.35. Despite offering slightly less space (66.05 m²) compared to the US average, it has the highest monthly rent of $3,300.
- San Francisco: Ranks second with a rent of $46.27 per m². The monthly rent for a one-bedroom apartment averages at $2,900, the second-highest after New York.
- London: The first European city on the list, London holds the third spot with $43.81 per m². The average size of one-bedroom apartments here is 50.4 m².
- Boston: Ranked fourth with a rent of $39.55 per m². Boston shares with Los Angeles the largest average one-bedroom apartment size among all ranked cities at 67.08 m².
- Washington, Miami, Los Angeles, and Paris: All share the fifth position with an average rent of $36.13 per m². Los Angeles has the largest, and Paris the smallest apartments at this price point.
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- Dublin and Amsterdam: Tie for the sixth position with a rent of $33.25 per m², offering a balance of size and price.
- Chicago, Oslo, Copenhagen, and Barcelona: Jointly hold the seventh rank with a rent of $30 per m². These cities vary in character but offer a similar blend of space and cost.
- Prague and Berlin: Ranked eighth, both cities offer a European living experience at $24.90 per m², with similar prices for one-bedroom apartments.
- Stockholm and Vienna: Come in ninth with an average rent of $22.47 per m². While similar in price, Vienna has considerably smaller apartments compared to Stockholm and offers the cheapest rent at $862.09.
- Helsinki and Lisbon: Round off the list, with Lisbon having the lowest rent price per square meter at $20.97, showing a significant price difference compared to New York.
In conclusion, while the global landscape of rental markets shows cities like New York, San Francisco, and London leading with the highest rents per square meter, the scenario in India presents a different picture. In the Indian context, cities like Pune and Indore emerge as top destinations for rentals. These cities, known for their vibrant culture and burgeoning economic opportunities, offer a more affordable yet high-quality living experience compared to their global counterparts. Pune, with its mix of educational institutions, IT hubs, and manufacturing units, and Indore, known for its commercial significance and rapid urbanization, stand out as attractive options for renters seeking a balance between cost and quality of life. This stark contrast in rental markets underscores the diverse nature of housing demands and economic conditions across different geographies.
