Hong Kong's overall residential rents were 11.5 per cent higher last month than in February last year.
Property agents said the jump was driven by strong demand as the economy continued to improve.
The rent rise outpaced average salary growth, which was 2.4 per cent higher in September over the same month last year.
Figures from Midland Realty, gathered from the rental data of 100 private housing estates across Hong Kong, found rents on average increased from HK$17.40 per sq ft last January to HK$19.50 per sq ft last month.
Midland Realty's chief analyst Buggle Lau Ka-fai believed residential rents could go up a further 11 per cent this year, in line with the estimated increase in property prices.
'Capital will continue to flow into the property market as people try to hedge against inflation. It will help boost the leasing business,' he said.