The chart illustrates the average monthly rent prices in five diverse cities globally – Los Angeles, Dublin, Melbourne, Vancouver, and Seoul – over a two-decade period from 2002 to 2022.
Overall, it is evident that rent prices across all five cities experienced a significant upward trend over the specified period, with Los Angeles and Seoul showing particularly notable increases.
In 2002, the rent price was lowest in Seoul at approximately $350, while Los Angeles led the group at around $850. By 2012, Los Angeles’ average rent escalated dramatically to approximately $1,400, marking the highest increase among the cities, followed by Dublin which surged to around $1,300. Melbourne and Vancouver also demonstrated growth, with rents reaching approximately $1,100 each at this juncture. In stark contrast, Seoul saw its rent rise to approximately $850, showing a steady climb but remaining the most affordable of the five cities.
By 2022, Los Angeles’ rent reached about $2,000, maintaining its position as the most expensive, while Seoul’s rent surged to an equivalent figure, thus mirroring Los Angeles’ explosive growth. Dublin and Vancouver also witnessed significant increases, with average rents reaching approximately $1,800. Melbourne trailed slightly at around $1,500. This decade-spanning trend highlights that while all cities experienced rising costs, Los Angeles and Seoul emerged as the priciest options for renters by 2022.