Faced with grumbling from voters, some policymakers are considering introducing rent caps or restrictions on investment from big financial firms. This is likely to make matters worse, however
of the global economy over the past 20 years was the flourishing of the few global cities most successful at attracting money, ideas and people. Property values in those places—such as London, New York and Sydney—soared. Rent for an average studio flat in downtown San Francisco, one of the priciest places on the planet, cost about $,2,500 a month at the end of 2019.
Some commentators thought big cities might lose their allure permanently. The adoption of remote working,, caused cheaper, secondary cities to heat up. Rents in Phoenix, Arizona, rose by 23% in the year to October, compared with 11% across America as a whole. In some cities it has become easier to consider commuting, since people are happier to sit on a train for longer if it is only once or twice a week. Prices in Bristol, a 90-minute journey from London, have risen by 8.
Yet after their decline last year, rents are rising again in the biggest cities, too. Demand has risen as graduates and international workers start relocating again, and some rental stock has been sold for owner-occupation. Rents in New York City and Sydney are up by 6% in the year to October. London rents have risen by just 1.
Although there has been a “levelling-up” effect caused by the pandemic, with smaller cities seeing prices rise faster than in the biggest cities, rents are now rising across the board. Faced with grumbling from voters, some policymakers are considering introducing rent caps or restrictions on investment from big financial firms. This is likely to.
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