10 most expensive cities for renters in 2023

Life just keeps on getting more expensive, it seems. First, everyone blamed COVID-19 for inflation, and now it's the war in Ukraine.

Per the 2023 Wealth Report by Knight Frank, a leading independent real estate consultant agency, in the third quarter of 2022, global prime rents saw an increase of 10.2 per cent and 10.3 per cent in the fourth quarter. Ouch!

City life is at its most expensive ever, and renters are struggling! However, in some cities, the rent prices are truly astronomical and is making life unbearable for many.

We've taken a look at the data provided by Numbeo, a website providing the world's largest cost-of-living database.

The data on Numbeo provides a rent index score based on data collection from government institutions worldwide, along with user input. Click on to see if you live in one of the world's top ten most expensive cities for renters!

Coming in at number ten is the city of Miami with a rent index score of 72.0.

Washington has a rent index score of 73.5. According to Zumper rent is 1% more expensive in the city in September of 2023 than it was one year ago.

Coming at number eight on Numbeo's list with 74.3 on the rent index is Boston.

The next city on the list is California's San Jose with 75.0 on the rent index. According to Zumper in September 2023 rent actually went down by 5% but rent is still outlandish!

The rent index for Georgetown in the Cayman Islands is at 77.4, not surprising considering is known to be one of the most sought-after cities for renters!

San Diego's average rent for a one-bedroom according to rent cafe is $3,016 per month and Numbeo gives the city a rent index rating of 80.1.

Numbeo give Singapore a rental index rating of 85.7 as of September 2023. According to the website the average rent for a one bedroom comes in at around $3,733.50.

Photo: Pixabay

It is surprising to see Hamilton, Bermuda on this list but life in the city is expensive. Numbeo gave the city a 89.8 on the rent index!

According the Numbeo, the second most expensive city in the world as of September, 2023 is San Francisco, California. The website gave the city a rental index rating of 89.9.

You probably aren't surprised to learn that at the date of publishing New York City was currently the most expensive city in the world for renters, with a rental index score of 100 on Numbeo's ranking!

Not surprising when the Douglas Elliman and Miller Samuel report on Manhattan, Brooklyn and Queens rentals for 2023 stated that Brooklyn broke a new record in January 2023 for an average rental price of $4,165!