The May analysis looked at the top 1% of residential properties measuring about 1,100 square feet across different cities, and found that those in Monaco start at about $19,350 a month.
According to the analysis, the starting price in Monaco to rent a 1,100-square-foot apartment is 36% higher than in Hong Kong, the second most expensive city, followed by Singapore and London.
Per Forbes, the average national rent price in the US is about $1,400 a month.
The Journal noted that larger luxury rentals in Monaco can easily surpass $100,000 a month, and reach as high as $280,000.
These often come with hotel-style amenities, including concierge services, and even a landscaping team.
According to The Journal, with a budget of about $30,000, you could only expect to rent a modest two-bedroom apartment in central Monaco, with a small kitchen and windowless bathroom.
In contrast, for the same budget, the outlet said New Yorkers could get a property more than twice the size — about 3,100 square feet — overlooking Central Park.
Even so, there’s demand for such expensive properties.
One major draw may be the opportunity to acquire residency and benefit from Monaco’s rich-friendly tax policies, including a lack of personal income tax (unless you are French) and no capital gains taxes.
Monaco also has no wealth or property tax.
Perhaps as a result, it has the highest GDP per capita in the world, per the World Bank.
Beyond financial advantages, Monaco also offers other advantages — pleasant weather, beautiful landscapes, low crime, and opportunities for luxury shopping and dining.
These come at a steep price, however.
The Journal noted that tenants in Monaco are usually expected to pay quarterly — with a quarter in advance and a three-month security deposit, along with tens of thousands of dollars in service charges.
That could easily cost you $100,000 before you’ve even moved in.
