The Knight Frank prime global rental index rose by 1.6% in Q4 2012, as a tight mortgage market along with limited supply (in the established markets) and rising property prices (in the emerging markets) pushed many would-be purchasers into rental accommodation.
The prime rents in key cities worldwide rose by 5.1% in 2012, which has increased by 3.5% from 2011.
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The Knight Frank prime global rental index now stands 20% above its post-financial crisis low in Q2 2009.
London recorded a fall in prime rents, down 3.2% in the 12 months to December, 2012, while Nairobi experienced the largest increase in prime rents, rising by 17.9% in 2012.
Since Q2 2009, Hong Kong experienced the largest increase in prime rents (up 42.2%) and Moscow the lowest (up 3.3%).
Prime property corresponds to the top 5% of the mainstream housing market in each city.
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