Apartment owners are increasingly involved in providing furnishings and incorporating extra services to compete for tenants and raise rental values.
Luxury Rental marketing manager Michael Fung said individual property owners and investors were increasingly interested in marketing their flats as serviced apartments.
These landlords realise that by providing furnishings and value-added solutions (such as concierge and maid services) they had stronger bargaining power, Mr Fung said.
Market sentiment had improved but several flats were still vacant, he said.
'The owners have to find ways to stand out to attract tenants in the competitive market. Fully furnished units with extra services provided will generate higher income and increase investment yield for the owners.'
Mr Fung said a furnished apartment with added services in Fairlane Tower in Bowen Road, Mid-Levels, was recently leased at a monthly rent of $45,000, compared with the average of $41,500 achieved for standard units.
Furnished and serviced apartments in The Belcher's in Western could rent for $33,500 to $34,000 a month, compared with $28,000 to $31,000 for unfurnished flats.
