2025-08-20-莱坊-Prime_Global_Rental_Index_Q2_2025页_112kb

Prime Global Rental Index Summary - 2025 Q2 Edition

Core Content

The Knight Frank Prime Global Rental Index provides a quarterly overview of luxury rental market trends in 16 key global cities. The report highlights a stabilization and modest recovery in the global luxury rental market after a slowdown in 2024.

Key Trends

• Global Rental Growth:

  • Annual rental growth averaged 3.5% in Q2 2025, up from 3.0% in Q1 2025.
  • Real annual growth was 1.6%, indicating that growth is being tempered by inflation.
  • The market is moving back towards long-term trend rates, with demand outpacing supply in most cities.

• Market Performance:

  • Hong Kong and Tokyo led the growth, with annual increases of 8.6% and 8.3%, respectively.
  • New York saw a strong rebound with 6.6% annual growth.
  • Los Angeles recorded a 5.1% annual rise but a 0.7% quarterly decline.
  • European markets such as Berlin (4.9%) and Frankfurt (4.7%) remained stable, while Zurich (4.4%) and Monaco (4.2%) showed slight improvements.
  • Melbourne and Geneva experienced moderate growth at 3.4% and 2.7%, respectively.
  • Sydney, Singapore, and London grew at 1.5–2.0%.
  • Auckland and Toronto lagged, with annual declines of 2.1% and 3.5%, although Toronto showed a minor uptick in the most recent three-month period.

• Five-Year Growth:

  • Miami led with a 61% increase over five years, driven by domestic migration and luxury demand.
  • New York followed with a 47% rise due to post-pandemic demand in Manhattan.
  • Sydney, Singapore, and London each saw 43% growth, fueled by international interest.
  • Melbourne and Los Angeles recorded 40% and 38% increases, respectively.
  • European markets varied, with Berlin at 31%, Tokyo at 28%, and Frankfurt at 17%.
  • Toronto had a more modest increase of 13%, while smaller hubs like Monaco, Zurich, Geneva, and Hong Kong saw single-digit gains.

Outlook

• Economic Factors: Elevated interest rates and inflation are slowing rental growth, but demand remains strong due to immigration.
• Future Growth:
  • New York and Miami are expected to maintain mid-single-digit growth.
  • Hong Kong and Tokyo may face moderation due to regulatory challenges.
  • European markets such as Berlin and London are projected to see tight new supply support low- to mid-single-digit growth.

Methodology

• Prime Property Definition: The most desirable and expensive properties in each market, typically the top 5% by value.
• Index Coverage: 16 key global cities, with a focus on international demand.

Additional Information

• The report includes visual data such as charts showing market slowdown, five-year growth, and changes to 2025 Q2.
• Knight Frank offers a monthly international residential newsletter for updates on global housing markets.
• Contact details for research and press inquiries are provided.

Summary of Key Figures

Conclusion

The global luxury rental market is showing signs of recovery, with growth rates approaching long-term averages. While affordability remains a challenge, demand continues to outpace supply, and the outlook suggests continued modest growth in most markets, with some facing moderation due to external factors.