The study by US-based apartment search website RentCafe.com compared the cost of rents in the world’s most competitive financial centres (as determined by the Global Financial Centres Index) to determine the price people must pay to gain access to the job variety, cultural attractions and lifestyle options offered by these cities.
Using data on rent prices from the Global Property Guide, it found that prices differed wildly.
New York had the most expensive rents of any financial centre, at $3,680 for a one bedroom apartment, followed by San Francisco, Boston and Hong Kong, all of which are considered by the GFCI to be among the top seven financial hubs in the world.
Despite only being the 23rd most powerful financial hub in the world according to the GFCI, Geneva has the fifth highest rental prices in the world and the highest in Europe, found the study.
It’s closely followed by Zurich, which placed sixth in RentCafe’s study with an average rental price of $2,200. That’s more in keeping with its financial ranking of ninth in the GFCI.
However some cities buck the trend by being both well-performing financial markets and having comparatively cheap rents, found the study.
One such city is London, ranked the most powerful financial hub in the world by the GFCI, but whose comparatively low average rents put it in 20th place in RentCafe’s study.
Montreal and Toronto are also good financial performers with reasonable rents, according to the study.
Cities including Paris, Los Angeles and Munich came out worse, with comparatively high rents considering their less powerful financial status.
This latest study will come as no surprise to renters in the two Swiss cities, which are regularly considered among the most expensive places in the world in which to live.
Earlier this year another study comparing rental prices found Geneva to be the eighth most expensive place in the world for renters and the second in Europe, with Zurich in 18th place globally and fourth in Europe.
That was backed up by Swiss comparison site Comparis.ch which last year found the two Swiss cities to have the most expensive rents in the country.
Around 60 percent of residents in Switzerland live in rental accommodation, with a higher percentage in cities.