Knight Frank said the weak index results "underline the global economy's fragility," and that "demand and activity in the prime residential rental market is strongly linked to business activity and employment levels."
Rental prices of luxury property in Beijing fell over 6 percent in 2014, while prices in Singapore also displayed weakness, sliding close to 4 percent.
Kate Everett-Allen, partner of residential research at Knight Frank, said the slow overall growth, "hides the fact that 12 of the 17 cities we cover saw luxury residential rents increase or remain static in 2014."
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Tokyo led the rankings, with luxury rents ending the year over 11 percent higher. Japan emerged from recession at the end of 2014 and the country's government expects the economy to grow by 1.5 percent in 2015.
Rents also rose in Dubai, by more than 8 percent over the year.
Meanwhile in London, although rental growth slowed to zero in prime central London by the end of 2014, the annual increase in rental values reached 3.3 percent -- the highest rate in three years, according to Knight Frank.
The consultancy's prime property index looks at the top 5 percent of the housing market in each city, and is compiled on a quarterly basis using its own data.