If you are someone who rents a house or an apartment, you likely often feel like you're spending every hard earned penny on housing. What's even more annoying is that you will never get that money back. That said, we totally understand that not everyone is in a position to buy. Still, you hope that renting will mean spending slightly less money, but realistically in a lot of places even renting is crazy expensive.
A real-estate startup in London called Nested began looking into prices, to create a global rent affordability index. They discovered something that most people who live in this city already know: San Francisco rent is crazy. So crazy in fact that Nested considers it to be the highest in the world.
The Nested study, "illustrates the price of renting per square foot in 33 London boroughs, 15 UK cities and 72 cities worldwide." They calculated that rent in San Francisco averages out to $4.95 per square foot — making it the most expensive in the world.
The second highest city for rentals in the world is also an American city: New York (where rent nets out at an average of $4.75 per square foot). The next few cities in the lineup are Hong Kong (#3), Dubai (#4), and Singapore (#5). Other top price tag American cities include Washington D.C., Miami, Los Angeles, and Chicago.
The study also dives deep into income requirements to rent in these cities. You can check out the entire comprehensive study here.