For those looking to move to some of the world's leading financial centres, the cost of living will play a very important part of your decision. If you will be working in the financial sector in a big city, you will likely want to live close to the city centre, but rent can be pricey. So where are the cities where you can get better value for money? Just how much does it cost to rent a one-bedroom apartment? Recent research has revealed where you can get the best balance of location and rent price.
Financial capital no, expensive rent yes
Geneva comes in as the 24th most important financial capital, however it jumps up a huge 18 places when it comes to the cost of rent, which perhaps makes it seem much less appealing. In fact, the city is the seventh most expensive in the world, with rent costing USD 2,320 a month. On the other hand, you may not want to write Geneva off just yet, thanks to it's feature as the eighth best city when it comes to quality of life. So, life might be expensive in Geneva, but it might also be worth it.
Los Angeles similarly jumps from 25th in terms of financial centres up to 11th when it comes to rent. The city's sky-high house prices have become common knowledge, especially within the US, where it is often considered one of the least affordable places to live. At an average of USD 2,030 a month for a one bedroomed apartment, it's hard to argue otherwise.
Offering the fourth best quality of life internationally, Munich appears as the 27th most important financial centre. However, it is also frequently referenced as the most expensive city in Germany. Nonetheless, at a mere USD 1,110, renting here seems far cheaper than some of the other cities mentioned so far. It is also popular for its impressive historical architecture and rich culture, so there is more than just business to consider here.
Paris is notorious for its high cost of living, and was most recently cited as the seventh most expensive in the world. However, it is at number 29 when it comes to the world's leading financial capitals. An average rent of USD 1,730 for your cosy single bedroom apartment sees it sky rocket 13 places upward when it comes to the most expensive financial cities.
Affordable rent in big financial centres
London is ranked as the number one global financial capital, though there is much speculation as to what will happen to the city formerly viewed as the centre for business for the EU now that Brexit has been placed in motion and a departure from the Union is looming. For now, however, it seems to offer the most value for money in terms of its significance on a global scale versus the cost of rent in the city (though some would argue it is still highly overpriced). In spite of it's leading position, it falls back a whopping 19 places when it comes to the cost of renting in the city, with your one bedroomed home cost a mere USD 1,650 a month.
Canada recently appeared as the seventh happiest country in the world and came a respectable 16th in the quality of life rankings this year. Consequently, it bodes well that both Toronto and Montreal are both noted financial centres (13th and 15th, respectively) with comparatively reasonable rent prices. Toronto plummets 13 places when it comes to the price of rent (that single bedroomed apartment is looking ever more affordable at a mere USD 1,200 per month), and Montreal drops down to 29th, with rent costing just USD 850 (almost two thirds less than Geneva).
Which are the cheapest and most expensive cities?
The cheapest city for renting that sneaks in as the 30th most important global financial capital is Casablanca in Morocco. Often romanticised thanks to the film of the same name, the city has become an economic centre in the north of Africa, and with rent costing just USD 820 per month, it is the most affordable of the leading financial cities.
Conversely, the world's second most important centre is the most expensive when it comes to renting that single bedroom apartment – it's New York City. Coming in at an eye-watering average of USD 3,680 per month, the city retains its reputation as one of the most expensive housing markets in the world.
It should come as no surprise that the world's latest economic powerhouse hosts several global financial centres. Hong Kong has been named the second most expensive city in the world this year, and a large part of that is due to the price of rent in this densely populated city. That single bedroom apartment (which you can expect to be on the smaller side in terms of square footage) will run you USD 2,740 per month. However, the city is the fourth most significant financial centre and, equally the fourth most costly in terms of rent. Nonetheless, you can still find yourself in a financial hot spot in China for an afforable price - Shenzhen is at 22 both in terms of its global significance, and in terms of the cost of rent, which is a comparatively cheap (USD 1,520 per month).
