At a time when huge numbers of young people can’t afford to buy their own home, the rental market is booming. The alternative for the so-called Generation Rent isn’t exactly attractive either, though. As more and more people flock to the major cities for bigger salaries and better opportunities, property owners are able to cash in on an often out of control rental market.
The rent burden can be measured by looking at the share of the average household income that the typical rent eats into each month. As our infographic below shows, based on data from RENTCafé the worst place for renters is Mexico City. With an oppressive 60 percent of earnings going to the landlord.
You will find more statistics at Statista
Forsaking Manhattan, it seems odd to see that any place in the USA (Los Angeles, in this instance) could be more expensive than San Francisco.
I also find it hard to believe that KL is the least expensive of these cities. I visiting KL about ten years ago. While there were many places which were likely affordable, there was a construction boom. One such high-rise apartment building was selling every unit for $1 million. Granted, those were sales, but it gives you the sense that the area was increasing in value.