LAST_UPDATEFri, 30 Jun 2017 8am

A City In Malaysia Has Been Named The Best Place To Rent In The World

Filepic: Malaysian ReserveFilepic: Malaysian Reserve

In a recent survey by consulting firm PricewaterhouseCoopers (PwC), guess which city jumps to first place for renters when taking into consideration housing expenses?

It is none other than our very own Kuala Lumpur. According to PwC, the median income in KL is about RM96,096 with average rent per year of RM19,305.

“KL takes the top place on the list with rentals comprising about 20% of total income earned. Other cities in Asia that come close are Beijing in 7th place (27%) and Shanghai at 8th place with 28%.

"Traditionally, housing costs exceeding 30% of the household income have been viewed as a red flag, so this is also what we adopted as our first threshold.

“We considered the cities where the average rent was 30% or less of the local median household income to be burden-free,” it added,” PwC said in a statement yesterday, Malaysian Reserve reports.

Filepic: PixabayFilepic: Pixabay

The cities were ranked according to 10 different indicators including infrastructure, intellectual capital, sustainability and ease of doing business, PwC reports.

The choice of KL as best place to rent was also reaffirmed by US-based apartment search website RENTCafé.

Pic: RENTCafePic: RENTCafe

The site also ranked Kuala Lumpur the best city worldwide to live in terms of relative rental costs. Locals in the garden city of lights can expect to pay barely a fifth of their income on rent.

The RENTCafé’s list also reveals that in Asia, Beijing and Shanghai came next in after KL at number 7 and 8, respectively, while Sydney was ranked number 9. The RENTCafé index then sees East Asian megacities of Seoul at 13, Tokyo at 14 and Hong Kong at number 15.

- mD