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Continuous Growth in Rental Demand in the Hong Kong Property Market
Continuous Growth in Rental Demand in the Hong Kong Property Market 香港
By   Internet
  • 都市报
  • Hong Kong Property Market
  • Rental Demand
  • Second-hand Property Market
Abstract: In recent years, the demand for rental properties in the Hong Kong property market has been steadily increasing, and this trend continues into 2023. Particularly, the rental market within the second-hand property sector shows robust growth.

Taking the example of the Kai Tak district, it has recorded over a hundred rental transactions every month for 11 consecutive months this year, with the newly introduced HENLEY PARK being a focal point. This development opened its studio units for lease in July, and within just 10 days, these units were successfully rented out at a monthly rate of HKD 15,000, with a rental per square foot as high as HKD 60.


According to Steven, the branch manager of Centaline Property, the Kai Tak district recorded 100 rental transactions in November, maintaining the high level of rental transaction volume for 11 consecutive months.


With an increasing number of rental listings absorbed, rental prices continue to rise, further enticing new homeowners to lease out their properties. In November, HENLEY PARK recorded 18 rental transactions, with one high-rise studio unit finding a tenant within just 10 days. The owner, who purchased the unit for HKD 5.66 million in July, is now enjoying a 3.2% return on investment.


This rented unit is located in Unit H on the high floor of Block 1A of HENLEY PARK, covering an area of 250 square feet with an open layout facing north, offering a city view. This unit was listed for lease at HKD 15,500 per month 10 days ago, eventually renting out at HKD 15,000 per month, with a rental per square foot as high as HKD 60, approximately 3% higher than similar units earlier this month. The rental price for similar units has already reached HKD 16,000 per month.


In addition to Kai Tak, the Tsuen Wan district has also recorded over 200 rental transactions every month for 11 consecutive months. Tenants are concerned about the continuous rise in rent and are eager to find suitable rental housing.

Continuous Growth in Rental Demand in the Hong Kong Property Market

For example, in Tsuen Wan, a mid-level Unit B in Block 4 of Park Island, with a practical area of 474 square feet, is a two-bedroom unit rented out for HKD 16,800. The owner agreed to reduce the price by HKD 1,000 as the tenant was willing to prepay the full year's rent in advance and had a stable job, leasing it at HKD 15,800 per month, with a rental per square foot of HKD 33.


The tenant, a couple, liked the location and convenience of Park Island and its proximity to family. Faced with a market where rental listings are in short supply, they quickly decided to rent this well-decorated unit. The owner purchased this unit for HKD 7.49 million in May and is now enjoying a 2.5% rental return.


Additionally, a studio unit in Cyberport's The Papillons was rented by a mainland student from the University of Hong Kong for HKD 17,000 per month, providing the owner with a 4.2% rental return. This rented unit is located in Unit J on the high floor of The Papillons, covering an area of 221 square feet with an open layout facing east, offering partial sea views.


Originally listed for rent at HKD 18,500 per month, the owner lowered the price to HKD 17,000 per month as the tenant was willing to prepay the full year's rent, resulting in a rental per square foot of HKD 77. The tenant, a mainland student at the University of Hong Kong, liked the property's modern age and its proximity to the school. The owner purchased this unit for HKD 4.9 million in September, enjoying a 4.2% rental return from this lease.


Furthermore, a high-floor Unit A in Block 11 of Phase 2 of The Beaumont in North Point Midlevels was rented by a mainland professional for HKD 40,000 per month, providing the owner with a 2.4% rental return. This unit has a practical area of 843 square feet, consisting of three bedrooms with a view of Victoria Harbour, and a rental per square foot of HKD 47. The owner purchased this unit for HKD 20.18 million in 2020 and is now enjoying a 2.4% rental return.

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Continuous Growth in Rental Demand in the Hong Kong Property Market
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