Recently, the residential rental market in Hong Kong has shown a sustained buzz, especially with some newly completed developments being highly sought after, with their advanced facilities and comprehensive amenities being among the reasons for tenants' preference. According to data from Midland Realty, since March, areas such as THE HOLBORN in Quarry Bay and Victoria Harbour in West Kowloon have seen frequent rental transactions, particularly attracting many expatriates.

For example, at THE HOLBORN, there have been at least 12 rental transactions since last month. One notable case is a studio unit of approximately 228 square feet, originally rented at HK$17,000 per month, but due to the tenant being a professional in urgent need of accommodation, the landlord eventually agreed to a monthly rent of HK$15,500, at a rate of approximately HK$68 per square foot. The landlord purchased the unit for approximately HK$5.24 million earlier this year and successfully rented it out by the end of March, yielding a rental return of as high as 3.5%.

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On the other hand, Victoria Harbour has also shown remarkable performance, with at least 15 rental transactions recorded since March. One low-level unit with an area of 1,001 square feet was successfully rented out to a family at a monthly rent of HK$51,000, at a rate of approximately HK$51 per square foot. Another mid-level unit in Victoria Harbour III with an area of 312 square feet was successfully rented out at a monthly rent of HK$19,000, at a rate of approximately HK$61 per square foot.

Similar trends are observed in One Innovale-Bellevue C in Fanling and The Henley III in Kai Tak. For instance, a high-level unit with an area of approximately 221 square feet was rented out at a monthly rent of HK$10,300 after negotiation, at a rate of approximately HK$46.6 per square foot. Another unit in The Henley III with an area of approximately 229 square feet was originally rented out at approximately HK$15,500 per month, but after about three weeks of negotiation, it was successfully rented out at a monthly rent of HK$14,000, at a rate of approximately HK$61.1 per square foot.

According to Vincent Cheung, Joint Managing Director of Vigers, a high-level unit with an area of approximately 1,353 square feet in Mount Parker Residences in Quarry Bay, configured as a 4-bedroom double suite with a maid's room, was recently rented out at a monthly rent of HK$73,000, at a rate of approximately HK$54 per square foot. Additionally, a low-level unit with an area of approximately 1,991 square feet in Hong Kong Garden in Mid-Levels West, with a configuration of 4 bedrooms and 2 suites, was rented out together with a parking space at a non-negotiated monthly rent of HK$68,000, at a rate of approximately HK$34 per square foot, to a corporate tenant.