Centaline Property Research's Senior Associate Director, Ms Yeung Ming Yee, points out that the Centaline City Rental Index CRI was last seen at 111.22 points in April 2023, up 1.16% month-on-month, marking a six-month high and a return to the October 2022 level. The rise in rents continued to expand, rising by 1.16% in April, the largest increase in the last 20 months, compared to a 0.92% increase in March and a 0.76% increase in February.
The overall rental recovery was evident, with the CRI rising by a total of 2.86% for the third consecutive month.
It is believed that rents will continue to rise steadily in the short term and are expected to regain the 113-point level in the second quarter, with a 1.60% difference between the current and future CRI increases, but the rise in the CRI is likely to slow down gradually.
The CRI (Large Flats) was at 99.73 points, a five-month high and up 1.09% month-on-month. The CRI_Mass and CRI(Small and Medium) have risen for three months, by 2.92% and 2.95% respectively, while the CRI(Large) has risen for four months in a row, by 2.31%.
The rental indices of the four districts rose together, driving up the overall private property rents. The CRI_Mass for Hong Kong Island was at 106.93 points, up 1.54% month-on-month and up 3.75% for the second consecutive month.
The CRI_Mass for Kowloon was at 103.30 points, up 0.90% month-on-month and up 3.46% for the third consecutive month. Urban rents in Hong Kong and Kowloon have risen significantly.
New Territories East CRI_Mass was at 133.43 points, up 1.33% month-on-month and up 1.96% for 3 months in a row.
CRI_Mass in New Territories West was at 138.61 points, up 1.87% month-on-month.
Among the more active rental constituent estates in April, Xihui Real Estate on Hong Kong Island reported a rent adjustment of $56.7 psf, Taikoo Shing reported $35.7 psf, South Horizons reported $32.5 psf and Heng Fa Chuen reported $33.1 psf.
In Kowloon, Laguna Verde reported $38.3 psf, Tseung Kwan O Centre/Tseung Kwan O Residence reported $34.3 psf, Mei Foo Sun Chuen reported $29.9 psf and Laguna City reported $28.8 psf.
In New Territories East, City One Shatin at $38.6 psf, City of Dreams at $33.9 psf and Landmark at $26.9 psf. In New Territories West, Sheung Yuet was quoted at $27.0 psf, Ying Wan Garden at $25.3 psf and Kingswood Villas at $22.7 psf.