Economic and political uncertainty hits global prime residential rents
According to the latest index, Global economic and political uncertainty has contributed to a slowdown in prime global rents, with rental growth stalling. In the 12 months to September 2016 rents were unchanged overall but some regions have outperformed, with prime rents in North America rising by 5.1% on average, the data from the Knight Frank index shows.
Toronto leads the rankings with prime rents increasing by 7.9% on an annual basis but the annual rate of growth has slowed in 10 of the 17 cities tracked by the index and Nairobi occupies the bottom ranking with prime rents falling by 10.8% year on year.
However, despite this slowdown in aggregate performance, the number of cities where annual rental growth is positive remains the same as the previous quarter at 10 but the rate of growth has slowed in 10 of the 17 cities.