Hong Kong home rents drop near universities, as mainland Chinese students stay at home for online classes
- Rents in some areas close to universities have dropped by about a third, by 3.4 per cent since January overall
- Landlords are offering generous concessions as they shift focus to local tenants
Rents in some areas close to universities have dropped by about a third year on year. In Sha Tin, which usually caters to students of Chinese University, Baptist University and City University, mainland Chinese renters accounted for 20 per cent to 30 per cent of deals, said Derek Chan, head of research at Ricacorp Properties.
“In previous years, mainland students started looking for flats as early as May or June, because demand would be really high. But they are not coming this year,” he said.
This modest recovery too might have been snapped by the third wave in Hong Kong, property agents said, a situation that will be exacerbated by the arrival of fewer students from mainland China. “We have lost 70 per cent of students tenants [in Tai Wai],” said Jason Kwok, a senior branch manager at Ricacorp. “The impact is huge.”