Tsuen Wan, Tseung Kwan O and Kai Tak – three districts where renters can find cheap bargains
- The surge in the number of rental listings as new developments become ready for occupation is adding downward pressure on rents, agents say
Renters can look for bargains in Tsuen Wan, Tseung Kwan O and Kai Tak as a few thousand flats will soon be available for leasing, further adding downward pressure on rents.
In Kai Tak, some 2,400 flats will be ready for occupation in the first half, with 424 listings available already, according to Centaline Property Agency.
These include the 822-unit Victoria Skye, 930-unit Vibe Centro and 648-unit Oasis Kai Tak.
In Kai Tak, owners of the 900-unit K City began taking possession of their flats this month. The development has the highest number of listings in the area at 271 and also the lowest average asking rent per square foot at HK$43 (US$5.48), according to Terry Ng, senior regional sales manager at Centaline.
Wilson Kong, principal regional director at real estate brokers Hong Kong Property, said rents at Kai Tak have fallen about 10 per cent since last year on expectations of higher supply and could drop by another 5 to 7 per cent in the first half.