Question about moving to HK to live

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  1. #11

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    Jan 2008
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    Just out of curiosity, when you rent a flat in HK, how long is the agreement for and how often would a landlord bump up the rent? In Australia the usual term is for 6 months, and then you go onto a periodical lease and you only need to provide 3 weeks notice of an intention to terminate the lease and vacate. During the first 6 months though the landlord cannot increase the rent.


  2. #12

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    Neogeo, rental agreements are usually 12 month + 12 month terms. Rent agreed maintained for a period, of up to the 24 month option.

    At the completion of a 24 month rental agreement, watch your rent increase by 30, maybe 50% depending on the demand of your area, and how rational your landlord is. But due to the financial sector copping staff cuts, I'd say rents should stay pretty level from now on, as prestige rental demand will lower, as people downsize.

    A months notice is also required by the 11th month of the first 12 month tenancy agreement, the moment you accept the second portion of the 24 month agreement, you're locked for the remaining 12 months of the 24 month lease.

    Makes timing a bit impractical for those who don't have large cash reserves to just jump on a bargain property, as Carang said...

    I don't believe the HK property market on the whole is going to rise or gain much at the affordable end of the market over the next 12 months, needing 2 years to adjust.

    It's looking like its going to flat line for awhile, until the affects of the US economy is fully realised here.

    Last edited by Skyhook; 03-02-2008 at 12:13 PM.

  3. #13

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    "A months notice is also required by the 11th month of the first 12 month tenancy agreement, the moment you accept the second portion of the 24 month agreement, you're locked for the remaining 12 months of the 24 month lease."

    in all the leases i've ever had here, i've NEVER encountered this. usually after 12 months, you provide 2 months notice to terminate.


  4. #14

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    Fair enough Carang, as we have only rented on one occasion, we had a one month notice negotiated at the time.

    As we have owned our live in properties since, I can only explain, from our one instance of renting.

    You'd obviously be more up to date with how the rental market is Carang, not meaning to add confusion to the OP's question..


  5. #15

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    My experience renting (3 different places) was minimum term 12 months. Thereafter 2 months notice to be given (so the minimum you can actually pay for is 14 months). The term of the tenancy was 24 months, meaning that the rent was fixed for that period. At my first renewal (2001) my rent (paid by my employer back then) actually went down 15% so it isn't always the other way.


  6. #16

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    i think my hubby wishes it was only one rental....i LOVE moving. it drives him crazy. i met him 10 years ago. Since then, we've lived in 8 different flats. in the three years before i met him, i'd lived in 3 flats and about 10 short term places.....