Monaco is the world's most expensive place to rent. A monthly budget of $30K will get you a 1,200-square-foot apartment.

• Monaco is the world's most expensive residential rental market, according to Knight Frank.
• Renting a 1,100-square-foot property in Monaco starts at about $19,350 a month.

Monaco is the world's most expensive luxury rental market, according to analysis provided to The Wall Street Journal by global real estate agency Knight Frank.

The May analysis looked at the top 1% of residential properties measuring about 1,100 square feet across different cities, and found that those in Monaco start at about $19,350 a month.

According to the analysis, the starting price in Monaco to rent a 1,100-square-foot apartment is 36% higher than in Hong Kong, the second most expensive city, followed by Singapore and London.

Per Forbes, the average national rent price in the US is about $1,400 a month.

In a comment provided to BI, a spokesperson for Knight Frank said a "handful of truly super-prime rental markets globally," such as London, Hong Kong, and New York, stand well above other international markets.

"However, Monaco, with its tight supply and very limited opportunities for new construction, has seen rental levels rise well beyond even this exclusive group," they added.

The Journal noted that larger luxury rentals in Monaco can easily surpass $100,000 a month, and reach as high as $280,000.

These often come with hotel-style amenities, including concierge services, and even a landscaping team.

According to The Journal, with a budget of about $30,000, you could only expect to rent a modest two-bedroom apartment in central Monaco, with a small kitchen and windowless bathroom.

In contrast, for the same budget, the outlet said New Yorkers could get a property more than twice the size — about 3,100 square feet — overlooking Central Park.

Even so, there's demand for such expensive properties.

One major draw may be the opportunity to acquire residency and benefit from Monaco's rich-friendly tax policies, including a lack of personal income tax (unless you are French) and no capital gains taxes.

Monaco also has no wealth or property tax.

Perhaps as a result, it has the highest GDP per capita in the world, per the World Bank.

Beyond financial advantages, Monaco also offers other advantages — pleasant weather, beautiful landscapes, low crime, and opportunities for luxury shopping and dining.

These come at a steep price, however.

The Journal noted that tenants in Monaco are usually expected to pay quarterly — with a quarter in advance and a three-month security deposit, along with tens of thousands of dollars in service charges.

That could easily cost you $100,000 before you've even moved in.