2025年第二季度全球主要租赁指数

Knight Frank’s Prime Global Rental Index provides a quarterly snapshotof trends in luxury lettings markets across 16 key world city markets. 2025 Q2 Edition knightfrank.com/research Global rental growth stabilises 3.5% The global luxury rental market has seen its recovery firmafter last year’s slowdown. Rental growth ticked up againin Q2 2025, with annual growth averaging 3.5% across our16-city index, up from 3.0% in Q1 overall nominal annual growth inQ2 2025 1.6%overall real annual growth in Q2 2025 PRIME GLOBAL RENTALGROWTH REBOUNDS modest 5.1% annual rise but a 0.7%quarterly dip.European markets like Berlin Hong Kongfastest-growing market, up 8.6%year-on-year (4.9%) and Frankfurt (4.7%) remainsteady, and Zurich (4.4%) edgeshigher short-term. Monaco hasplateaued at 4.2%. Melbourne (3.4%)and Geneva (2.7%) are moderate.Sydney, Singapore and London hoveraround 1.5–2.0%. Auckland (-2.1%)and Toronto (-3.5%) lag, thoughToronto saw a minor uptick in themost recent three-month period. Since early 2020, prime rental growthhas swung dramatically. Before thepandemic, annual gains held steady ator around 4%. The Covid lockdownsdrove rents into negative territory,bottoming out at -2.7% in Q1 2021. Aswift recovery began in mid-2021, withgrowth accelerating to double digits byearly 2022, as construction shortfallsbegan to bite in terms of supply, and asthe return to the office trend supportedrental demand. Toronto weakest market, down 3.5% year-on-year Market slowdown PGRI annual growth, 15 city average However, momentum eased over2023, and by late 2024 annual growthhad cooled to just over 2%, withaffordability limits being reached inmany markets. The latest data showa modest resurgence in 2025, withgrowth ticking higher approachinglong-term rates again. THE LONG-VIEW Over the past five years, Miami has ledprime-rental growth by a wide margin– surging 61% – driven by domesticmigration and luxury demand. It isfollowed by New York, which sawa 47% rise underpinned by a post-pandemic rebound in Manhattanrental demand. Asia-Pacificpowerhouses Sydney and Singaporeeach posted robust gains of 43%, as didLondon, whose 43% climb was fueledby international interest. Melbourne(40%) and Los Angeles (38%) alsorecorded strong increases. Europeanmarkets varied: Berlin achieved 31% CITY ANALYSIS Hong Kong and Tokyo lead luxury-rental growth, with annual gains of8.6% and 8.3%. New York is surgingagain – with 6.6% growth in rentsover the three months to the end ofJune – while Los Angeles shows a “Prime global rental markets are beginning to see a move back to trend rates of growth,while affordability is very tight in most markets, demand continues to outpace supplyand our view is growth will tick higher from here through 2025.” Liam Bailey, Knight Frank’s global head of research and Tokyo 28%, while Frankfurt trailedat 17%. Toronto’s growth was moremodest at 13%, and smaller hubs –Monaco, Zurich, Geneva, and HongKong – saw single-digit gains between6% and 11% Changes to 2025 Q2 OUTLOOK Elevated interest rates and persistentinflation are tempering prime rentalgrowth in major cities, as affordabilityconstraints curb tenants’ ability to bidup rents. However, strong immigrationunderpins growth, and demand – setagainst limited new supply – willpush rents towards long-term trendrates. New York and Miami areexpected to sustain mid-single-digitgains, while Hong Kong and Tokyoface moderation amid regulatoryheadwinds. European hubs such asBerlin and London should see tightnew supply delivery support low- tomid-single-digit growth. Real vs Nominal annualrental growth Five year growthAggregate prime rental growth by city PGRI annual growth, 15 city average We like questions, if you’ve got one about our research, or would like some property advice,we would love to hear from you. Keep up to speed with global housingmarkets with our monthly internationalresidential newsletter Liam Bailey+44 7919 303 148liam.bailey@knightfrank.com Emma Cotton+44 7974 521 802emma.cotton@knightfrank.com SIGN UP ONLINE © Knight Frank LLP 2025. This document has been provided for general information only and must not be relied upon in any way. Although high standards havebeen used in the preparation of the information, analysis, views and projections presented in this document, Knight Frank LLP does not owe a duty of care to anyperson in respect of the contents of this document, and does not accept any responsibility or liability whatsoever for any loss or damage resultant from any use of,reliance on or reference to the contents of this document. The content of this document does not necessarily represent the views of Knight Frank LLP in relationto any particular properties or projects. This document must not be amended in any way, whether to change its content, to remove this notice or any Knight FrankLLP insignia, or otherwise. Reproduction of this document in whole or in part is not permitted without the prior written approval of Knight