San Francisco, with rent of $3,449, was crowned the most expensive city to rent a two-bedroom apartment in the world, followed by China's Hong Kong and the US's New York City, according to a report by Deutsche Bank.

Of the 47 cities the report covered, Shanghai, with rent costing on average $1,249, came in at No 24 this year. Last year, the average rent for a two-bedroom apartment in Shanghai was $1,325.

India's Bangalore, with rent averaging at $296, was the cheapest place to rent an apartment in the world.

Every year Deutsche Bank releases its annual survey of global prices, which looks at the costs of goods and services from a purchase-price equivalent basis to determine the most expensive cities around the world.

Let's take a look at the 10 most expensive cities in the world to rent an apartment.

No 10 Tokyo ($2,010)

Aerial view of Tokyo city at night, March 21, 2014. [Photo/VCG]