Hong Kong’s luxury home rents increased the most globally in the second quarter, according to Knight Frank, benefiting from an influx of high-net-worth individuals through the capital investment scheme.

A survey tracking 16 cities worldwide showed upscale residential rents climbed 8.6 per cent in the April to June period from a year earlier, the consultancy said. Tokyo came a close second with an 8.3 per cent increase, followed by New York at 6.9 per cent. Singapore ranked 13th with a 1.5 per cent gain.

Over the last five years, Hong Kong’s aggregate prime rental growth was the slowest at 6.3 per cent, according to the study. Miami topped the charts with 61 per cent, followed by New York at 46.7 per cent. Singapore came in fourth with 43 per cent.

“Prime global rental markets are beginning to see a move back to growth,” said Liam Bailey, global head of research at Knight Frank.

He added that while affordability was tight in most markets, demand continued to outpace supply and would continue to rise until the end of the year.

Hong Kong’s Capital Investment Entrant Scheme, commonly known as the investment-migration scheme, has been attracting wealthy individuals in droves. The scheme had drawn about HK$16.5 billion (US$2.1 billion) from 543 applicants over the 14 months to April, with two-thirds of the capital directed into mutual funds and the stock market, according to government data.