Beijing is the least affordable place to rent in the world, according to the World Economic Forum.
This is based on a new report from the London-based Global Cities Business Alliance, which compared major business cities around the world to assess the scale of the housing crisis in each, looking at the average monthly rental cost and the average annual share of net earnings from 2015.
Renters in Beijing spend an average of $789 on rent each month, which is a 123% of the average person's salary. It's no wonder that the average daily commute in Beijing is 104 minutes long per round trip.
Residents of Abu Dhabi — the second most expensive city in the ranking — pay a hefty $2,460, or nearly 70% of their salary, on rent. In third place, Hong Kong costs renters $1,930, or 64% of their monthly pay cheque.
The least expensive monthly average rent can be found in Mexico City, with an average monthly rent of $385, followed by Sao Paulo, where rent costs $480.
However, the GCBA's report found that even in the cheapest cities, rent is increasing rapidly. For example, Mexico City's rent has gone up by 44% since 2009.
Despite having the cheapest rent, Mexico City also had the longest average commute in the cities studied, running up to 113 minutes.
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