Market Chatter: Osaka Condo Rents Outpace New York with Fastest Growth Among Major Global Cities
Osaka's condominium rents climbed by just over 3% in the half year to April, growing at the fastest rate among major cities in the world and outpacing New York, Nikkei Asia reported on Tuesday, citing a Japan Real Estate Institute (JREI) poll.Rent for condominiums in Japan's third-largest city grew at 3.1% over the six-month period, according to the survey, said the news agency.The next largest increases in the rent index were seen in Mumbai and Sydney, both at 2.8%, while rents rose by 2.4% in New York, 1.4% in Tokyo and 1.2% in London, the publication said.The poll compiles rents and purchase prices for condominiums and offices in April and October each year, covering 16 major cities across Asia, Europe and the US, with rents calculated based on the cost of a new lease in three sample locations per city, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)