No one doubts that real estate prices have been slowly rising in recent decades and now, with the possibility of Bill 1904 being introduced in the House of Representatives, there is even more chance that the rental market will inflate even with greater force.
But how do housing rental costs in Washington DC compare to the rest of the world…and where can you rent cheaper?
New research from the CIA Landlord Insurance organization has revealed which are the most expensive capitals for renters and property buyers around the world, with Washington DC ranking third as the most expensive capital to rent.
The main conclusions of the study are the following, where the currency used is the pound sterling:
- The median rental price for a one-bedroom flat in central Washington DC is £1,676.61, which is in stark contrast to the cheapest capital for renters (Sarajevo), which costs just £224.86 per month .
- The median cost per square foot for tenants in central Washington is £33.53.
- America is the 19th happiest country in the world
- The average cost of utility bills in Washington is £116.82 per month, considerably less than the others
It’s no secret that house prices in first world countries have risen sharply in the last decade, but in which cities do you pay more per square foot for your personal space?
The new study by CIA Landlord Insurance set out to index property prices for both renters and buyers in capital cities around the world in an effort to find out where people pay the most for what they call home.
In that ratio, Monaco is the most expensive capital for renters, followed by London and then Washington DC. Next come Hong Kong (China), Singapore, Dublin (Ireland), Luxembourg, Amsterdam (Netherlands) and Stockholm (Sweden), leading the pack.
According to the investigation, the inhabitants of Monaco are known “for their luxurious lifestyle, with expensive goods and fast cars”. Those who rent an apartment in the center of Monaco can pay an average of 2,973.12 euros for a one-bedroom flat. This drops to £59.46 per square meter per month, compared to a whopping £62,860.27 per square meter for those looking to buy a home in the city.
London, the capital of Great Britain is infamous for its shared housing and a property market that seems to be out of control. In London, a single-bed flat can cost an average of £1,685.32, or £33.71 per square meter for renters. Those with deep pockets in the market to buy a London home, however, pay an average of £12,189 per square meter for a plot in the city, or £6,058.57 per square meter further afield.
And is DC the land of promises or the land of expensive real estate? One-bedroom flats in the US capital, Washington DC, are priced on average at £1,676.61 in the city center or £1,314.59 on the outskirts. This translates into an average price per square meter of £33.53 and £26.29 respectively.
if you want to buy
With luxurious Maseratis cruising down the street and paying £5 for a cappuccino, it’s no wonder Monaco’s city real estate is at par with the budget of its super-rich residents.
A one-bedroom apartment in the city center costs an average of £62,860.27 per square metre, while in the suburbs it is somewhat cheaper, at an average of £41,963.48 per m2.
You may have seen the box rooms Hong Kongers call home; the price of personal space in this densely populated metropolis, 6,300 citizens per square kilometer, is high. A one-bed flat in the city center sells for an average of £24,066.14 per square metre, and £17,172.39 for areas further out of the city. Also keep in mind that the average flat in Hong Kong is only 44m2, which in the center would cost £1,058,910.16 respectively.