A new study by Confused.com analyses the best capital cities across the world to rent in, based on average rental prices, salaries, rental increases, career opportunities, green spaces, and more. London took the top spot, with Singapore (5th) the only non European capital in the top five.
The disruption caused by the pandemic has driven people to and from major cities, forcing many to work from home and encouraging others to reconsider their life goals, the study said.
Jessica Willock, home insurance expert at Confused.com, commented, “Renting in the right city can mean more than just a nice place to live. There are many different factors to consider when moving including the cost of rent and how this compares to how much you earn, cultural interaction, happiness and green space."
The study analysed 48 cities from the Global Power City Index, which ranks major cities based on their power to attract people, capital, and enterprises, creating an index including additional factors such as average rental prices, salaries, rental increases, economy, happiness, green space, cultural interaction and more to determine the most renter friendly cities around the world.
Here is a list of the five best capital cities to rent in:
1. London
London comes out on top for renters. The average monthly salary is GBP 2,637 and it is known as one of the most expensive places to live with average rental prices of GBP 2,456. Despite the high rent prices, the capital city ranks highly on the index for economy and cultural interaction. London also does well for gender equality, earning an index score of 14 out of 48 based on career opportunities, pay scale and more. The city’s 296 parks are another factor in its favour. London is predicted to experience a 103% population increase by 2030.
2. Berlin
Berlin is second on the list, with average monthly rental prices of GBP 1,619 (EUR 1,885) and a monthly salary coming in at around GBP 3,676 (EUR 4,281). The German capital ranks 7/10 for happiness. The German capital is also aiming to be carbon neutral five years earlier than the other top 10 entries, with a target date of 2045.
3. Amsterdam
With an average monthly salary of GBP 2,873 (EUR 3,346) and an average rent of GBP 2,027 (EUR 2,360), the Dutch capital is a prime destination for renters. It has one of the lowest costs of living of all European capitals, and the city ranks incredibly well when it comes to happiness levels as well, with plenty of outdoor activities, world-class museums, and unique cultural experiences.
4. Madrid
The city offers one of the cheapest average rent at GBP 1,338 (EUR 1,558) and an average monthly salary of GBP 2,837 (EUR 3,304). The Spanish city blends the bustle of a modern metropolis with the charm of a historical place and offers a high quality of life at an affordable price. Additionally, Madrid’s internet speeds are higher than any of the three cities above it, at a speedy 134.19 Mbps.
5. Singapore
With an average salary of GBP 2,682 (SGD 4,558) a month, Singapore is one of Asia's most desirable places to live in. Even though rent isn't the cheapest, this vibrant city boasts a strong economy and offers the highest quality of life, a strong culinary scene, and an infrastructure that has been deemed the best in the world. The city is also considered one of the cleanest and greenest cities in the world. Competition for housing is expected to increase by 2030, with a predicted population rise of 105%.
Copenhagen (6th), New York (7th), Paris (8th), Tokyo (9th) and Zurich (10th) round up the top ten.
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