Hong Kong rent surges as demand from mainland Chinese students, professionals soar
University neighbourhoods like Hung Hom and Tseung Kwan O have seen steep increases in rents
Wang Ruoshuo, a 21-year-old student from Hefei, the capital of central Anhui province, is searching for a flat in Hung Hom in southern Kowloon, which is close to her university and the company where she interns. As a first-time renter, however, she has been taken aback by the high prices.
Wang and her friends are looking for a two-bedroom unit, budgeting about HK$7,000 to HK$8,000 (US$892 to US$1,019) per person. “But when we began our search, we found that properties meeting our criteria would cost each of us around HK$10,000,” she said.
“Over 120,000 professionals and university students have already arrived in Hong Kong, contributing significantly to the local residential rental market,” said Martin Wong, senior director and head of research and consultancy for Greater China at Knight Frank.
The Centa-City Rental Index, compiled by Centaline Property Agency, saw its biggest jump in nine months in May, as residential rents rose 1.79 per cent in the first five months of the year.