Well our 2 year rental contract is coming up. We walk by our realtor's office all the time, so we stop by and chat often. She has been mentioning lately that the property value in our area has been going up, so we shouldn't be surprized of our landlord asks for an increase in rent when the contract is due.
Tonight we got that call
He said that he was thinking of $9500 per month - right now we are paying $8300. I already think that is too high for how basic the accommodation is here, but only after living here for 2 years.
Anyway, has anyone else witnessed rent going up by over $1000 per month in just 2 years? Is that normal for this whacky country? I don't see how they can justify such an outrageous increase in rent. After all, just because the property value goes up, doesn't mean it's costing them anything more to rent it out to us. Maybe a touch extra in land taxes, but I'm not even sure how that works here.
Obviously that is just his opening offer, and he's expecting us to bargain. However, I do not want to spend a dime over what I am paying now. If anything, I think the rent should go down! Not that the place is disgusting, just that everything is very... basic. I am actually quite happy here, and would be happy to stay for the same price.
My concern is, if rent is flying high everywhere in Hong Kong, it might not be worth moving to another place. Moving is a big headache, and I like the area I am living in. I really like the building management, and my neighbours.
Anyway, I was just wondering out loud how the rental situation has been for other renters in Hong Kong. Particularly if you're out in the non-central areas of Kowloon like I am.