BY ARIEL HERNANDEZ
A new study found that New York City ranked second among the world’s most powerful financial centers, but first for rental prices. However, if the five boroughs were broken down separately, Queens would be in the top-10 priciest places to rent in the world.
RENTCafé, a nationwide apartment search website, released the findings from its most recent study, which compared the costs to rent in the world’s top financial centers.
According to the Z/Yen Group’s Global Financial Centres Index, New York City ranked second on the list of “The World’s Top 30 Financial Centers.” But it was at the top of the list of the most expensive places to rent an apartment. London was listed as the world’s most powerful financial center. However, that city only ranked 20th in terms of rental costs.
Although the study grouped all five boroughs together, a spokeswoman for RENTCafé said that Queens was among the most expensive places to rent.
“Queens ranks pretty high if we compare its rental rates to those of the world’s biggest financial centers,” the spokeswoman said.
In the study, RENTCafé looked at one-bedroom and two-bedroom apartments with an average size between 600 and 999 square feet. With an average monthly rent for one-bedroom apartments at approximately $2,136, Queens would be ranked in seventh place in the top-30 list, with Manhattan, San Francisco, Boston, Hong Kong, Geneva and Zurich as the top six.
With an average rent for two-bedroom apartments at approximately $2,765, Queens would rank fourth.
By focusing more closely on Queens, RENTCafé found that Briarwood is the most affordable neighborhood in the borough, where the average rent is approximately $1,625 per month. Corona Park and Corona are also relatively inexpensive for the region, averaging $1,650 a month. Other neighborhoods with rents below the median price include Bellerose (approximately $1,725 per month), College Point and Broadway-Flushing ($1,756 per month) and Rego Park ($2,056 per month). At $2,179 per month, Far Rockaway is just above the average, while Hunters Point—at $3,135 per month—is the most expensive in the borough.
The study shows that New York renters pay the steepest price, with an average rent of $3,680 per month for a one-bedroom apartment, making the five boroughs the most expensive place to rent in the world.
According to RENTCafé, the business centers with the cheapest rents include Montreal, where the average rent is $850 per month, as well as Taipei, which has an average rent of $910 per month, and Casablanca, where the average is $820 per month.
For the full study, visit rentcafe.com.
Reach Ariel Hernandez at (718) 357-7400 x144 or firstname.lastname@example.org