People in KL often complain about the high cost of living here, having to spend a big chunk of our monthly income on food, petrol, toll, water,
and housing rental (unless you’re still living with your parents).
But as much as we moan and groan about the amount of money we have to fork out to rent a roof over our heads, KL is actually the most affordable city in the world to rent apartments!
According to a study by Rentcafe
, an apartment search website based in the US, KL topped the list for the world’s best cities for renters.
The study revealed that KLites only spend about 20% of their income on rent
The average rental per year in the city is about US$4,500 (RM19,300) out of the median household income here that is US$22,400 (RM96,100).
Rentcafe’s study was based on the latest ‘Cities of Opportunity' report by Pricewaterhousecoopers (PWC)
which reveals the best cities in the world to work and live in, taking into account several factors like infrastructure, intellectual capital, sustainability and ease of doing business.
KL was ranked number 20 on the list, whereas London, Singapore and Toronto were the top three.
Rentcafe then used these findings to analyse the average income in these cities and whether it was sufficient for people to pay rent.
If a household’s renting costs exceed 30%, it is already considered "rent-burdened", and KL sits at about 20% in our rent-to-income ratio.
So we’re apparently the cheapest city to rent a place to stay!
Now it’s time to stop complaining because sometimes, the grass ain’t always greener on the other side.