A home is important whether you own it or you rent it. Between the two, your ultimate goal is to own a house and build a family. However if you cannot afford owning one as of the moment, your only option is to rent. There are many things that you need to know before you decide – monthly payment, amenities, accessibility and many more. You can also employ the help of experts to make things easier for you.
It would help at this point to know the most expensive city for renters. In 2015, the most expensive city for renters is London. This is according to the CBRE Global Living report. The result was derived from different measures like annual property price growth, price of coffee and average rent.
As for this year, the city with the priciest rent is Singapore thereby ousting London. According to CBRE report, rents here have climbed faster compared to London last year. The news is of slight relief for many Londoners. Imagine the average rent here is £2,250 per month or SGD 4,000. This is little pricey compared to London’s £2,136 per month or SGD 3,800.
While in other cities, Miami for example, the average monthly rate is £1,420 or SGD 2,525 and in Hong Kong, the average monthly rate is £1,490 or SGD 2,650. This is twice as high as London or Singapore if you notice. It is indeed expensive to live here so the least thing that you can do is to make sure that you maximize all your resources and stop wasting money on irrelevant things.
As for buying property, London dropped in its rankings. It is now the 4th most expensive city to buy a property, dropping from 2nd last year. As for the lifestyle of some Londoners, they are paying a heavy price to enjoy things like watching a movie and eating out. In London, the cost of cinema ticket is £12.40 or SGD 22 – the most expensive in the world actually. The cheapest cinema tickets you can find is in Doha – just £2.46 or SGD 4.
For a decent meal of two, the average cost is £50.16 or SGD 89 in London. As for the most expensive meals, you will find it in New York where you get the same meal for £60.80 or SGD 108. As for the coffee, it is relatively cheap in London. For £5 or SGD 8, you can get a coffee.
Now that you know you have the priciest rent in the world, you have to appreciate it more and work hard to maintain it.