How much does rent usually increase by when the 2year contract is due for renewal?

[BBC Girly]

Hey guys,

Would be great to get some feedback on this. The contract for the place im renting is due to end and i am thinking of renewing it if the landlady dosen't bunk up the rent too much. Is there like a standard % that it gets increased by or do i just have to hope the landlady is in a good mood?

The flat was fully rennovated last year while me and my flat mate were still living there (randomly done and not requested by us). We think the landlady will bunk up the rent a fair bit. Any ideas on what we could be expecting or ways we can negotiate on a lower rate? We're living in an old building on the kowloon side, private rent not through an agency and have been tenants at this place for the 4th year

[drumbrake]

Look at local estate agents and find out what the market price is for similar properties in your area. That's what the landlady would like, but she would also be willing to settle for less considering that (1) it's rare to pay the price demanded in the estate agent window and (2) she is probably happy with you as tenants and does not want the trouble (and period without tenants) of looking for new ones.

[Mat]

There is no standard....and if she wants to sell...she may well increase big time simply to kick u out.

Else indeed as above poster said.

[Watercooler]

Look at local estate agents and find out what the market price is for similar properties in your area. That's what the landlady would like, but she would also be willing to settle for less considering that (1) it's rare to pay the price demanded in the estate agent window and (2) she is probably happy with you as tenants and does not want the trouble (and period without tenants) of looking for new ones.

That is a good yardstick in many cases, but a note a caution for the OP, that may not always be the case every time. The landlady could charge whatever she want when the contract is up. Like what Mat said, she could even charge an unreasonable amount to force you out and get a tenant willing to pay the extra.

[Watercooler]

Original Post Deleted

She can do that of course, but she can also raise the rent, force out the the existing tenant and set the price for new one.

[Mat]

Original Post Deleted

No shit!

Learning something new everyday......

Inflating the price to unreasonable amount is a common practice in HK...if the tenant bite...they keep leasing the flat....if not they sell it out or find a tenant willing to bite.

So while in theory you are correct...Hk property market isn't ur usual property market....


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[BBC Girly]

Thanks for all the messages guys much appreciated keep your fingers crossed for me

[mrgoodkat]

The contracts I had so far all were for 2 years with the option to renew for another 2 years to the same conditions (i.e. Contract automatically extends another 2 years with same rent unless either party cancels in writing.) After the second term a new contract had to be signed. I must have been lucky because my current landlord never raised the rent since 6 years. And the next 2 year term will be automatically renewed as well. So 8 years with same rent unless he suddenly decides to kick me out

[threelittlepigs]

No need to jack up rent. She can simply not offer you a new lease and you have to move if she intends to sell the place without tenant.

There is no standard....and if she wants to sell...she may well increase big time simply to kick u out.

Else indeed as above poster said.

[threelittlepigs]

The contracts I had so far all were for 2 years with the option to renew for another 2 years to the same conditions (i.e. Contract automatically extends another 2 years with same rent unless either party cancels in writing.) After the second term a new contract had to be signed. I must have been lucky because my current landlord never raised the rent since 6 years. And the next 2 year term will be automatically renewed as well. So 8 years with same rent unless he suddenly decides to kick me out

This is an extremely non-standard rental contract in HK. Most are 1 plus1 or 2 years fixed.