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Typical rent rise in HK?

  1. #21

    Join Date
    Sep 2018
    Location
    Kowloon
    Posts
    15

    any bargaining or negotiating techniques? kindly share

    curiouscorgi likes this.

  2. #22

    Join Date
    Oct 2018
    Posts
    17
    Quote Originally Posted by Scousebanana
    Following on from my original post, I thought I would come back with an update. We just had confirmation that the Landlord is happy for us to renew our lease with no increase! Having had a look at the rents for other similar properties, our rent seemed pretty reasonable and I had anticipated a rise of up to 10%, so it's come as a pleasant surprise. There are currently a few empty units and we get on well with the management team, so I guess that helps.
    Can you please share how you did this? What was the process - did the landlord reach out to you? Did you reach out to LL? How fast was this? I am currently facing a similar issue, I've posted another thread about this... and would appreciate any advice/tips. Thank you !

  3. #23

    Join Date
    Jan 2018
    Posts
    282

    Be prepared to walk away.

    And by prepared:

    - Already have a short list of suitable properties that are priced where you want and ready to move in when you want
    - Let your current land lord know that you want to renew at a certain rate
    - If the current land lord doesn't agree, move on and profit
    - Of course, with falling prices, you want to jump in on the "trend"

    TaD_LaLa likes this.

  4. #24

    Join Date
    Nov 2007
    Location
    Wanchai
    Posts
    3,837

    I am into my second renewal (years 5 and 6) in my current place and the landlady hasn't increased the rent on either occasion I have renewed.

    I guess paying rent on time and not being a pain in the ass pays dividends.

    Kowloon Goon likes this.

  5. #25

    Join Date
    Oct 2010
    Posts
    17,526
    Quote Originally Posted by Trebor
    I guess paying rent on time and not being a pain in the ass pays dividends.
    .. or paying gweilo rates in the first contract

  6. #26

    Join Date
    Nov 2007
    Location
    Wanchai
    Posts
    3,837
    Quote Originally Posted by TheBrit
    .. or paying gweilo rates in the first contract
    I think 17k for a 2 bed fully furnished renovated flat in the heart of Wan Chai is fairly reasonable

  7. #27

    Join Date
    Dec 2009
    Posts
    7,352

    If you know you're a good tenant, don't just accept the rise. Last time my landlord tried to raise the rent by about 3k, I said I was thinking of upsizing to a bigger flat anyway so thanks but no thanks. He miraculously cut almost the entire rise and only increased it by $500.


  8. #28

    Join Date
    Dec 2015
    Posts
    296
    Quote Originally Posted by curiouscorgi
    Can you please share how you did this? What was the process - did the landlord reach out to you? Did you reach out to LL? How fast was this? I am currently facing a similar issue, I've posted another thread about this... and would appreciate any advice/tips. Thank you !
    Haven't been on the forum for a few days and only just seen your question. There's already been some good advice on here.

    Our landlord owns the entire building and are generally quite reasonable. Having been told by friends when we first found the place that we should trying making an offer below asking price, we negotiated a 7% discount on our first lease which was one of the reasons we were surprised there was no increase in our renewal.

    It helps that our apartment is larger than average and increases at this end of the market haven't been so steep. We are on good terms with the Landlord (fortunately, since the unit opposite ours is used by the owners as their office/guest & helpers' quarters) and have helped out the management company out a couple of times with dealing with some awkward tenants where language has been a problem. Despite this, having looked at the market and a couple of alternative apartments (and making sure the management company knew we had done this) we had already set ourselves a limit for the increase above which we were prepared to walk away.

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