Knight Frank’s Prime Global Rental Index tracks the performance of luxury residential rents across key world cities each quarter using data compiled by our global research network.

Key Highlights:

  • The 10 cities covered by the Prime Global Rental Index saw luxury rental values rise by an average of 5.2% in the year to December.

  • The rate is down from the 8.1% seen in Q2 and is the lowest level observed since 2021 Q3, although rents are still rising above their long-term pre-pandemic trend rate.

  • On a quarterly basis, average rental growth declined by 0.6%, providing some relief for tenants. This marks the first quarterly fall observed since Q1 2021.

  • Sydney claims the top spot in luxury rents increases over the past 12-months, with 18.1% growth annually and 4% quarterly.

  • Prime rents in New York have fallen each month during the most recent quarter. The city sits at the bottom of the ranking with -0.3% annual and -2.5% quarterly growth.

Discover more by delving into our latest Prime Global Rental Index Report below.

[Insights] Prime Global Rental Index - Q4 2023
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