London has just lost its title as the priciest city in the world and it has been replaced with—no surprises here—New York. (We're number one! We're number one!) The Wall Street Journal reported research, by the property broker Savill, that examines the costs for an employee to rent an apartment and work in an office for a year. According to WSJ, "London had spent the last 2½ years at the top." The fall came in July, due to a cooling real estate market that was especially accelerated by the Brexit vote. At the same time prices started lagging in London, New York rents increased marginally, Savills found.
Accommodation costs for one New York employee over a year rose two percent from December of last year, up to $114,010. Coming in second on the list was Tokyo, where the cost was up 1 percent to $100,984. London costs fell 11 percent to $100,141.
The high cost of living in New York is of no surprise to anybody. Although rents across the city were looking stagnant at the beginning of the summer, we’ve already got plenty of studies that show renting in NYC can be prohibitively expensive.