A Helpful Guide On Renting An Apartment In Hong Kong
Hong Kong is always cited as one of the least affordable metropolitan worldwide. Most people know that the cost of living in Hong Kong is very high. There is a serious supply shortage of suitable land to build flats. This is the reason why real estate prices are very expensive. Hong Kong developed apartment towers to cope up with the demand of housing.
There are various conditions of living in Hong Kong due to large diversity of wealth. There are small, windowless rooms with a lot of occupants. There are also luxurious mansions with a lot of space. Finding a suitable place to live in Hong Kong is very difficult. Especially if you are new to the place. Sort your list of requirements by must-haves and optionals. There are many factors you should consider. Size, location, quality, and rental price are the top four.
Standard lease term
You should know that a standard residential lease term in Hong Kong is two years. That is one year Fixed and one year Option. There is a break clause when the one year Fixed Term expires. It allows the early Termination of Contract. You should give a written notice to your landlord 2 months in advance. Considering this, a standard Tenancy Agreement has a minimum Lease Term of 14 months. This is because of the 12 months Fixed Term and the 2 months for the advanced notice of termination.
Rental for less than a year
Most landlords in Hong Kong prefer to rent their apartments out at the standard two year Lease Term. Serviced apartments have flexible terms. These are great for those looking for Short Term Lease. It is not difficult to look for a luxury service apartment HK that can suit your budget.
Costs of renting
You have to consider that there are fees other than the rental fee itself. The estate agent’s fee is often half a month of your rental. Stamp Duty for a Standard Lease Term is 0.5% of the average annual rent. The landlord and the tenant pay this in equal shares. Some landlords choose to have the Tenancy Agreement executed through a lawyer. This will entail legal fees, too.
There is a 2-month worth of rental deposit in Hong Kong. Some landlords demand a 3-month worth of rental deposit. The deposit is often returned without interest when the tenant vacates the premises. This is only done when there is no breach of any of the Terms and Conditions of the Tenancy Agreement. The landlord will deduct the cost of repairs due to damage during the tenancy from the deposit.
Most landlords will request your Hong Kong Identification Card or your passport. Some will also request a copy of your employment contract to assure them of your capacity to pay.
There are a lot of people looking for apartments in Hong Kong. You can visit https://www.apartmento.hk/25-wong-ngi-chung-newly-opened and check out the offers.