Luxury rents in some of world’s biggest cities are surging, pushed higher by limited supply, frustrated house hunters and residents who are returning after the pandemic.

Prime residential rents, defined as the top 5% of the market, rose 7.9% year over year on average in the 12 months through September, according to real estate company Knight Frank, which tracks 10 global cities. In Singapore, prime rents were up 14.5% compared to last year, while the gain was 11.2% in London. Sydney posted the biggest gain, as prices jumped 18.3% amid housing construction constraints.