How much does it cost to rent a house in Hong Kong

How much does it cost to rent a house in Hong Kong? Analysis of the latest rental data for 2024

As one of the world's highest housing prices, the cost of renting a house has always been the focus of attention of citizens and immigrant workers. This article will combine popular topics and latest data on the Internet for the past 10 days to analyze the rental prices in various districts of Hong Kong in detail to help you make smarter rental decisions.

1. Comparison of rent levels in various districts of Hong Kong

According to the latest market research data, rent differences in Hong Kong are significant. The following is the average monthly rent for major administrative regions (taking a one-bedroom unit with a practical area of ​​300 square feet/about 28 square meters as an example):

2. Analysis of popular rental areas

1.Hong Kong Island core area (Central, Admiralty, Wan Chai): As a financial center, rents remain high. Recent data shows that the monthly rent of open-plan units of 30 square meters generally exceeds HK$25,000, and some luxury residential units reach more than HK$40,000.

2.Kowloon emerging residential area (Kai Tak, Olympic station): With the entry of new properties into the market, rent levels have steadily increased. The monthly lease of a 300 square foot unit in the Olympic station area is about HK$18,000-22,000, up 5% from the same period last year.

3.New Territories University District (Shatin, Tai Wai): Affected by the demand for students to rent housing, the monthly rent of a suite of 20-25 square meters is about HK$8,000-12,000, and there will usually be a 5-10% increase before the start of the school season.

3. Rent constituent elements

4. Popular topics about renting a house

1.The "nano building" phenomenon continues: The monthly rent of a super small unit of 150 square feet (about 14 square meters) is still as high as HK$9,000-12,000, which has sparked heated discussions in the society.

2.Impact of rent subsidy policy: The transitional housing projects launched by the government have caused rents to fall by 2-3% in some areas.

3.Remote work changes demand: About 15% of tenants began to consider more remote but larger units in the New Territories, and the number of consulting for such properties increased by 20% year-on-year.

5. Expert advice

1. Avoid the graduation season and school opening season from June to August, when rents are usually 5-8% higher than usual.

2. Considering the sharing method, the per capita rent of two-bedroom units can save 30-40% compared to that of one-bedroom units.

3. Pay attention to emerging areas along the subway, such as the Tuen Mun South Extension Line and Tung Chung Line, and the rent is more cost-effective.

6. Future trend forecast

According to the latest report by JLL, Hong Kong residential rents are expected to remain stable in the second half of 2024, with an overall increase of between 1-2%. Among them, the traditional commercial districts in Hong Kong may have a slight downgrade due to the reduction of office space by enterprises, while the New Territories East region continues to be bullish due to infrastructure construction.

Whether you are a local resident or an immigrant worker, being aware of the latest rental quotes can help you find the best place to live on a limited budget. It is recommended to compare information from different platforms before renting a house and inspect the desired property on site to obtain the most accurate rental reference.