If watching $1,110 disappear from your bank account on rent every month sounds like a steal, you’re probably not looking for your first internship after university.
But if you’ve made it past refilling your boss’ coffee mug and have somehow lucked into a job lining your pockets at a hedge fund, you might want to think about that number for a little longer.
An average rent of $1,110 for a single bedroom flat between 55 square-metres and 85 square-metres makes Munich the cheapest financial centre in Europe, and the fourth cheapest in the world, according to a study published by rental website RentCafe on Wednesday.
The study looked at the top 30 financial centres across the globe, based up on the Global Financial Centres Index (GFCI), a twice yearly ranking of cities for financial competitiveness and transaction volumes.
Munich and Frankfurt both make it onto the list, with Frankfurt in 19th place and Munich in 27th.
Both German cities are made attractive for bankers by the cheapness of rents in comparison with other cities, the study’s authors found.
“Munich continues to be one of the favourite relocation destinations for young professionals across the globe, mostly due to its robust employment market, good infrastructure, lively cultural scene, and thriving industrial sector,” a spokesperson for RentCafe told The Local.
“Housing in the city is rather cheap compared with other bustling business hubs, including Zurich, Paris, and London - not to mention North American cities where housing costs have skyrocketed in recent times.
“Compared to New York, which has the most expensive rents in the world, Munich remains a true bargain, rent-wise, for those in search of high-paying jobs in the financial and economic sectors.”