Even though the interest rate reduction policy has not been implemented yet, some tenants choose to rent in advance while observing the market. New expatriate professionals arriving in Hong Kong also prefer renting, leading to robust transaction activity in the rental markets of some high-end estates, such as Park Island in Tsuen Wan and Taikoo Shing in Quarry Bay, even during the traditional rental low season.

According to Chung Ka-ho, Senior District Manager at Midland Realty, Park Island in Tsuen Wan has recorded about 90 rental cases so far this month, with 12 cases in Park Island specifically, while only one transaction was completed for property sales. Notably, a mid-level unit with an area of 653 square feet in Block F, renting at HKD 19,500 per month, has a rental rate close to HKD 30 per square foot. The rental prices in Park Island increased by 3% this month to HKD 31 per square foot.

Similarly, Li Bai-da, District Manager at Centaline Property, stated that Taikoo Shing is expected to have over 35 rental cases so far this month, with about 15 cases for property sales. A mid-level unit with an area of 530 square feet in Block H has been successfully rented out for HKD 21,000 per month, with a rental rate of about HKD 40 per square foot.

In addition, the rental market in Novo Land in Tuen Mun has shown a stable trend. Wong Man-lok, Senior Branch Manager at Savills, revealed that a mid-level unit with three rooms in Phase 1A, Block 1, with an area of 561 square feet, was recently transacted for HKD 18,500 per month, with a rental rate of about HKD 33 per square foot.

Apart from large estates, some standalone buildings have also witnessed rental transactions. For instance, the rental case of Wah Kwong Building in Sheung Wan was recorded. Patrick Lau Wai-hung, Senior Property Consultant at Ricacorp Properties, mentioned that a low-level unit with an area of about 313 square feet in Block K has been rented out to a foreign professional for HKD 12,000 per month, with a rental rate of about HKD 38 per square foot.

Similarly, in Aberdeen, a 2-bedroom unit with an area of about 513 square feet was successfully rented out for HKD 18,500 per month, with a rental rate of about HKD 36.1 per square foot.

According to Victor Tin, Vice Chairman and President of Residential Business at Midland Asia-Pacific, the current activity in the Hong Kong property rental market is mainly driven by expatriate professionals, especially mainland professionals who have just arrived in Hong Kong, preferring to choose to rent.

Meanwhile, regions with convenient transportation are particularly favored, with Kowloon becoming a focal point in the rental market due to its advantages in connectivity with the MTR (Mass Transit Railway) and high-speed rail.

Buggle Lau, Executive Director (Hong Kong & Macau) at Midland Realty, also stated that with uncertainty in the future market direction, an increasing number of citizens are choosing to rent. With the growth of the professional talent pool, rental demand is steadily rising, especially for units with monthly rents below HKD 20,000, becoming the main force driving rental transactions in the market.