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London rental prices remain Europe's highest
London has reclaimed its title of Most Expensive City in Europe for renters for a third straight year as average monthly rents in the capital rose to stand almost £4,000 above those of any other major UK city.
On average, renting in London cost £3,693 more each month than in Europe, making it the continent's most expensive city at £5,398 per month.
Outside of London, the UK saw its biggest rent increases in Manchester, Edinburgh and Glasgow due to considerably increased levels of demand, but still managed to maintain an average monthly rental cost for an unfurnished, mid-market, three-bedroom apartment of £1,427 per month.
"The biggest rent increases in the UK have been in Manchester, Edinburgh and Glasgow due to high demand for rental property. In Aberdeen, the downturn in the oil and gas industry means that many employers are returning staff back to their home locations - and their healthy rental budgets along with them - meaning the Aberdeen rental market has suffered a downturn of 16%," said Alec Smith, accommodation services manager at data experts ECA International.
Elsewhere in Europe, Dublin moved into the top ten list for the first time, and several Eastern European cities, such as Prague and Warsaw, saw sharp increases in rental prices of almost £2,000 a month, shooting up more than ten places in the ECA's ranking.
"The local economies of Prague, Warsaw and similar major Eastern European cities have strengthened relative to the Eurozone as a whole in recent years. International companies are setting up or expanding their operations in these economies, bolstering demand for quality accommodation," explained Smith.
Rents in Hong Kong remained the most expensive in the world, averaging over $10,000 a month for the same three-bedroom apartment in an area commonly inhabited by professionals.
New York also retained its place is the most expensive rental location for expats in North America, despite prices falling throughout 2017 and other US cities such as San Francisco and Miami starting to catch up.