Prime rents jump 8.6% YoY in Q2

This makes Hong Kong the strongest performer amongst 16 major cities.

Prime rents in Hong Kong rose 8.6% year on year (YoY) in Q2 2025, making it the strongest performer amongst 16 major cities tracked by Knight Frank’s Prime Global Rental Index.

Rents in the city climbed 4.6% over six months and 1.4% in the second quarter alone.

Japan followed closely with an annual growth of 8.3%. In the US, New York rents jumped 6.6%, whilst Los Angeles recorded a modest 5.1% annual increase but slipped 0.7% quarter on quarter (QoQ).

European markets like Berlin (4.9%) and Frankfurt (4.7%) remain steady, and Zurich (4.4%) edges higher in the short term. Monaco held flat at 4.2%.

Moreover, Melbourne (3.4%) and Geneva (2.7%) showed moderate growth.

This was followed by Miami (2.5%), Sydney (2%), Singapore (1.5%), and London (1.5%).

Auckland (-2.1%) and Toronto (-3.5%) were the weakest, though Toronto recorded a slight quarterly rebound.

Overall, luxury rents across the 16 cities grew 3.5% YoY, an uptick from 3% in the previous quarter.