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Housing & Accommodation

Hong Kong Rental Market: An Overview

When you first start looking for a place to rent in Hong Kong, you might get sweaty palms when seeing the monthly rents for high-end apartments – the Hong Kong rental market is one of the reasons the cost of living here is so high. Still, there are a number of less pricey options available.

Types of Property

There are different kinds of property available on the Hong Kong rental market, which offer a range of luxuries and services. You have to decide for yourself which you would prefer (or can afford).

Which type of property suits you best depends on your expectations, family situation and the duration of your stay. Your income will also be a factor – some of the apartments on the Hong Kong rental market are only affordable for a very small group of people.

Remember that air conditioning is essential in Hong Kong. Most places you will find when searching for a place to rent will have air conditioning, but in some cases your landlord will expect you to take care of the installation. Make sure to ask about air conditioning when looking at an apartment and before signing the tenancy agreement.

Rental Costs and Fees

One of the downsides of living in the city is that the cost of rent is among the highest in the world. Due to the high demand for high-class developments and lack of space, rent in Hong Kong is constantly going up. In 2014, Hong Kong was one of the top ten most expensive cities in the world, with an average monthly rent of HKD 44,000 for a three-bedroom apartment in the city center. Serviced apartments cost between HKD 18,000 and HKD 200,000 per month, depending on the size and standard. Housing prices drop significantly outside of the city center, and as public transportation is good, this may be a good option for some expats.

Rental agreements usually exclude a number of other fees you have to take care of. You should expect additional costs of 12-15% of your rent in taxes and fees.

 

We do our best to keep this article up to date. However, we cannot guarantee that the information provided is always current or complete. 

InterNations Expat Magazine