The average net rent for a two-bedroom flat in Bangkok and Mumbai would account for 79 per cent and 66 per cent of median household disposable incomes, respectively, the report said.

The Thai capital was also the least affordable market to rent homes in DWS’ inaugural study last year. Hong Kong’s ranking deteriorated to fourth from eighth last year, with rent accounting for 61 per cent of median household disposable income.

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‘Paradise’ for the rich, hell for the poor’: mansions and cage homes reflect Hong Kong disparity

‘Paradise’ for the rich, hell for the poor’: mansions and cage homes reflect Hong Kong disparity

“These cities are marked by high rent burdens and limited disposable income, often compounded by rapid urban growth, income inequality and constrained housing supply,” the study said. “Even Hong Kong, a city perceived as wealthy, is facing affordability constraints when considering median household incomes.”

Hong Kong’s home rents are flirting with record highs due to demand from an influx of overseas talent and foreign students, following the government’s efforts to enhance the cash-for-residency programme and turn the city into a global education hub.