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