HK apartment rental Crisis

5 Places Where Rising Rents Are Deepening the HK apartment rental Crisis

As you start your search for a place to rent in Hong Kong, you might get overwhelmed upon realizing how hefty the monthly rates are—especially for the sought-after, high-end Hong Kong apartment rentals. One of the main reasons the cost of living in Hong Kong is so high is its expensive rental market. In fact, Hong Kong’s rental market is consistently part of the world’s most expensive rentals.

[Source: https://upload.wikimedia.org/wikipedia/commons/a/a4/Hong_Kong_Island_Skyline_201108.jpg]

There’s one very logical reason for this: Hong Kong has barely 1,100 km2, yet it holds a population of around 7.2 million people. The lack of space and the increasing demand of high-class developments make its rental rates continually shoot up. Most people choose to live in apartments since suburban homes are something only the rich can afford.

If you want to know the places where rising rents deepen the HK apartment rental crisis, then read on.

Chung Hom Kok

Chung Hom Kok is a luxurious and spacious residential area with around 500 high-end apartments and low-rises with breathtaking views of the South China Sea. It’s located in the western side of Stanley of the Hong Kong Island. Some villas in Chung Hom Kok have private yards and pools. It has also one of the best beaches in HK. The low-rise apartments and townhouses in this place boast an outstanding sea view. This is why the rent could range from HK$ 38,000- HK$ 260,000.

Shouson Hill

Shouson Hill is a hill that’s approximately 150m high. It’s located on the coast of Deep Water Bay in Hong Kong Island. It’s another upmarket residential area with over 600 rental properties. These apartments and townhouses cost a rental of HK$ 43,000- HK$ 380,000.

The Peak

The Peak is the highest locale in Hong Kong. It’s also considered one of the wealthiest residential areas. Their height restrictions ensure that those low-rise buildings do not undermine the spectacular views, nor do they deter the cool night breezes that thoroughly caress the exquisite neighborhood. The Peak claims over 1,300 rental properties, and the rental range here is HK$ 35,000- HK$ 900,000.

Repulse Bay

Repulse Bay is more like a seaside resort than a residential area. This neighborhood is usually inhabited by rich businessmen and their families. Wealthy expat families who fancy palm-fringed beach and a close proximity to international schools opt for this district. This area has no MTR, so residents need to have a car. This elite location has over 3,500 properties whose rentals cost HK$ 35,000- HK$ 1,100,000.

Happy Valley

Happy Valley is another upmarket residential area in Hong Kong that is famous for its Happy Valley Racetrack as well as its accessibility to nightlife and shopping hub of Causeway Bay. From tall, modish apartment buildings to superb low-rise complexes, Happy Valley has it. It is home of over 6,000 rental properties that cost $65,000- $95,000 regular rent.

Hong Kong is a beautiful place, and every resident should seize all its perks. The places mentioned above are high-end that may or may not be difficult to afford. There are actually other areas in Hong Kong that you can reasonably grab. If you are troubled in getting the most affordable HK apartment rental for expats, it’s best to work with a real estate agent you can trust. There are also real estate services like Qi Homes which can readily lend a helping professional hand. All you have to do is to reach out to get the best deals you deserve.