Real Estate
Rents Start to Dip for Luxury Apartments in NYC and Hong Kong
Tokyo and Toronto also saw declines in the fourth quarter, according to a Knight Frank report tracking prices in 10 cities across the globe.
New York is one of several global cities where rents on luxury apartments fell in the fourth quarter last year.
Photographer: Alex Kent/BloombergThis article is for subscribers only.
Luxury rents in some of world’s most expensive cities have started to slip after record price increases during the pandemic.
Prime residential rents, defined as the top 5% of the market, declined 0.6% in the fourth quarter compared with the previous three months, according to real estate company Knight Frank, which tracks 10 global cities. In New York, prime rents were down 2.5% compared to the prior quarter, while Hong Kong dropped 2%. Toronto posted the biggest decline, falling 4.8%.