Mumbai, June 16: As urban living continues to evolve, the price of renting an apartment has become a significant factor in people’s decisions regarding their preferred place of residence. The cost of living is dependent on several factors. Cities with high population densities and limited available housing units often experience increased competition for rentals. Metropolitans with desirable locations, such as those close to and that offer employment opportunities, transportation hubs, popular amenities, and quality healthcare facilities, tend to have higher rental costs.
Apart from these, the presence of such amenities contributes to a higher standard of living and attracts renters who are willing to pay more for these conveniences. In this article, we are taking a dive into the data shared by the World of Statistics to explore the rent prices of 1-bedroom apartments in different cities and uncover some surprising insights. World Population Forecast For 2100: India to Remain Most Populous Country in World by the End of 21st Century, Here’s How Much Country’s Population Would Be in Year 2100.
Mumbai Has Highest Rent for 1-Bedroom Apartment in India:
Mumbai tops among the most expensive cities in India for accommodation rentals, with an individual churning up approximately $553 or Rs. 40,620. The property rental prices in certain localities in Mumbai can go up to 2 to 3 lakh rupees a month. Tardeo, Malabar Hill, Juhu, Cuffe Parade, Colaba, Bandra West, Pali Hill, Worli, Versova, Breach Candy, and Mahalaxmi are among the posh and up-market areas in the city. Most Profitable Companies in India in FY 2022-23: From Reliance To SBI and TCS, List of Companies That Recorded Highest Profit in Financial Year 2022-23.
New Delhi and Bengaluru closely follow the city that never sleeps. Among other tier-1 cities such as Chennai, Hyderabad, Kolkata, and Pune, Kolkata boasts the most affordable expatriate accommodation costs, which are over 50% lower compared to Mumbai.
New York Tops Global List:
New York tops the global list of costliest rent for a one-bedroom apartment at $3,746. Second, Singapore boasts the highest price for a single-bedroom house, with a monthly rent of $3,704, respectively. San Francisco and Hamilton follow closely, with rents around $3,327 and $3,222. Brooklyn and George Town are in the fifth and sixth ranks, with rents at $2,845 and $2,815. Moving further down the list, popular cities like Boston, San Diego, Miami, Zurich, Los Angeles, and London have rents ranging from $2,808 to $2,570.
Hong Kong, Sydney, Barcelona, Tokyo, and Moscow offer moderately lower prices, ranging from $2,221 to $830. Islamabad stands out as the most affordable option on the list, with an average monthly rent of just $145.
Global housing prices rose an average of 6% annually, between Q4 2021 and Q4 2022. Astonishingly, the same rate was 4% during Q1 of 2023 worldwide. Several surveys and studies suggest the real price of housing has increased nearly 30% on average since 2010 globally. Considering the trend, the prices are only going to have a retreat.
(The above story first appeared on LatestLY on Jun 16, 2023 06:45 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).