In this piece, we will take a look at the five most expensive cities around the world to rent an apartment. For more cities, head on over to 30 Most Expensive Cities Around the World to Rent an Apartment.
5. San Diego, California, US
Cost of Rent Index Score: 76.5
San Diego is one of the largest cities in California with a population of 1.4 million people. It has a vibrant presence of the military industrial complex due to its deepwater port. It also has one of the largest naval fleets in the world. This also lends the city a vibrant employment scene, as defense contractors employ large portions of its population. San Diego is also home to one of the largest semiconductor design companies in the world, QUALCOMM Incorporated (NASDAQ:QCOM).
4. San Francisco, California, US
Cost of Rent Index Score: 91.4
The jump between the rent index of San Diego and San Francisco shows all that you need to know about the high rental costs in the city. It is a cultural and financial hub in the U.S., and is the center of the American technology industry. San Francisco has a population of close to a million, also making it one of the largest cities in America. San Francisco is also a global city in the U.S., but it is also notorious for its high rents due to a housing problem that stems from laws surrounding building construction.
3. Hamilton, Bermuda
Cost of Rent Index Score: 92.2
Hamilton is the capital city of Bermuda, a British overseas territory. Bermuda has one of the most favorable tax systems in the world, which encourages financial firms such as hedge funds to set up shop there. It was also one of the premier offshore tax havens for big companies seeking to avoid paying income taxes on their global earnings through complex schemes. Apart from finance and insurance companies, Bermuda also houses other firms such as Bacardi.
2. Republic of Singapore
Cost of Rent Index Score: 97.1
The Republic of Singapore is a city and a state. It is one of the most prosperous nations in the world, with a purchasing power parity adjusted GDP of $701 billion and a per capita income of $131,580. Singapore is also one of the richest cities in the world, with a high number of millionaires. It is also consistently rated as one of the most expensive cities to live in and is a transportation hub for its region as well.
1. New York, US
Cost of Rent Index Score: 100
New York is the largest city in the U.S. in terms of both its economy and its population. It is a global financial hub and has a large number of banks and financial firms. At the same time, New York is also America’s hub for the fashion and media industries. Rents in some areas of New York went up to touch $5,000 per month last year.
Disclosure: None. You can also take a look at 10 Best April Dividend Stocks To Buy and 10 Most Profitable Small Businesses in 2023.
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