The 20 Most Expensive Cities For Luxury Rentals

US NavyFor the second year in a row, Hong Kong is the most expensive city in the world in which to rent a luxury three-bedroom apartment.

According to the latest data from ECA International, a global consulting firm that releases the figures for companies sending employees to work abroad, Hong Kong's rental prices have dropped slightly from last year's high of $11,813, to $11,549.

But despite the decrease, Hong Kong still out-ranked the runners up — Caracas, New York, and Moscow — by a minimum of $2,000 a month.

So what makes for the sky-high rental prices?

"Strong demand and a limited supply of suitable rental properties are pushing up rents for high-end property – in some cases quite dramatically," said Lee Quane, regional director of ECA International in Asia, in a press release. "In other locations such as Hong Kong, demand has been considerable for some time, due to limited land or a burgeoning middle class."

Globally, rental prices for a three-bedroom have slipped from last year's average of $3,080 to $3,030 per month. Tokyo luxury rentals in particular are down 5 percent, and those in Mumbai have dropped an average of 12 percent in cost within the last year.