Yang Mingyi, Senior Co-Director of Centaline Property Research, pointed out that the latest Centaline City Rent Index (CRI) was 116.39 points in August, a month-on-month increase of 2.08%, the largest increase since October 2016 (82 months), and a new 22-month high.

The index rose for two consecutive months by a total of 3.26% as the summer holiday rental season continued and the rental trend expanded. The eight rental indices rose together for the second time in the past five months. As demand for rental properties remains strong, rents are expected to stabilise at a high level in the fourth quarter.

The Centa-City Rental Index for Large Estates (CRI Mass) was at 121.14 points, up 1.68% month-on-month to a 21-month high, while the CRI for Small and Medium-sized flats (SMEs) was at 118.22 points, up 2.05% month-on-month to a 22-month high, and the CRI for Large-sized flats (LLUs) was at 104.84 points, up 2.29% month-on-month to a 43-month high.

Rents rose in all four districts, with CRI Mass on Hong Kong Island at 109.92 points, up 1.91% month-on-month to a 14-month high.

Kowloon CRI Mass was 108.98 points, up 1.41% month-on-month, rising for two consecutive months by a total of 4.37%, the index hit a 21-month high.

New Territories East CRI Mass was at 142.16, up 2.45% month-on-month, up 7 months in a row by 8.63%, a 46-month high.

New Territories West CRI Mass was at 141.00, up 1.23% month-on-month, rising for three consecutive months by a total of 1.76%, with the index reaching a 19-month high.

In terms of the more actively leased constituent estates in various districts in August, on Hong Kong Island, Xi Hui Real Estate's adjusted rent was reported at $57.2/sq ft, Taikoo Shing was reported at $37.6/sq ft, and South Horizons was reported at $35.5/sq ft.

In Kowloon, Laguna Verde was reported at $40.7/sq ft, Tseung Kwan O Centre/Tseung Kwan O Villa was reported at $36.7/sq ft, Mei Foo Sun Chuen was reported at $31.1/sq ft.

In New Territories East, Cityone Shatin reported $41.2/sq ft, Famous City reported $36.4/sq ft. In New Territories West, Sheung Yuet was quoted at $27.0/sq ft and Kingswood Villas at $22.1/sq ft.

For the first eight months of this year, CRI accumulated 7.18%, CRI Mass rose 6.67%, small and medium-sized units rose 7.13%, and large units rose 7.55%. Hong Kong Island rose 5.29 per cent, Kowloon rose 9.11 per cent, New Territories East rose 7.82 per cent and New Territories West rose 3.80 per cent.