Damn… not all competitions are worth winning, and this is definitely one of them. We all know NYC is expensive, but unfortunately the property broker “Savill” have just confirmed it. They recently released research examining the cost for an average employee to rent an apartment and work in an office for a year in all major cities. London, who had spent 2½ years at the top of the list, was overtaken by our beloved NYC.
As New York’s rents increased 2% from December to $114,010, London’s costs fell 11% to $100,141, dropping the UK city into 3rd place below Tokyo. It is believed that London’s dramatic dip comes from falling real estate market spurred on by the Brexit.
We all know about the the high cost of living in New York but many are already rightfully shouting that the city is already prohibitively expensive. Will this news spur our community into more anti-gentrification action, time will tell.
Featured image source: [readysettrek]