Hong Kong is one of the densely populated cities not just in South-east Asia, but in the whole world. Finding the apartment of your dreams is a major challenge. Here, in this post, I share with you some insider tips and tricks on finding the perfect apartment that meets your needs.
While Renting, Watch Out For: The Tenancy Agreement – This is the contract signed between the renter and apartment owner. It covers everything from the rental prices, deposits required, management fees, break clauses, and more. Before you move into your new apartment, you need to understand all the terms and conditions detailed in the tenancy agreement.
This protects you from any disagreements that may arise later on. Generally, apartments for rent in Hong Kong do not include utility costs (gas, water, and electricity) in the property’s rental price. Additionally, you may have to pay a two-or-three month deposit to the property owner before you begin the contract.
Can you Bargain on Rental Prices with the Property Owner?
While bargaining is mostly not possible, there are ways where you can bring down the overall rental costs. While house hunting in Hong Kong, look for apartments in older buildings. Older buildings (also known as vintage buildings) have lower rental prices, and are also bigger, providing you more space inside your unit.
However, remember that older buildings generally do not have elevators and require some renovation work. If you want a property that is modern and comes with all the amenities, then stay away from old buildings.
Stay clear of haunted buildings (apartments that are the site of death, murder, etc.) and industrial buildings, even though you may get cheaper rents for these properties. Banks do not provide financial assistance to rental properties in such buildings, and it’s legally risky to move in.
Remember, if an apartment offers a rent that is too good to be true, then it’s usually not true.
Which Areas offer the Most Value for Money?
Look for upcoming and emerging areas to get the most value for your money. A few years ago, that was Sai Ying Pun and Kennedy Town. Now, Wong Chuk Hang, Tai Hang are some of the areas that are generating the most buzz.
With the MTR line expansions happening all over the country, areas that previously lacked connectivity have become convenient now.
A word of advice: instead of trying to find a cheap apartment in an area that is notorious for sky-high rental prices, look elsewhere. You may be able to get a better deal in other upcoming areas.
Other Things to Keep in Mind
While location and budget are the two main deciding factors, you have to consider your other needs and preferences like – do you have/plan to own a pet? How many members in your family? Do you own a car and do you require on-site parking?
What’s your lifestyle like? Can you manage long commutes to work? If you need to stay connected to downtown quickly, then look for apartments for rent near MTR stations. On the other hand, if you prefer living in a quiet space, then living away from noisy areas may be the right choice for you.
Make sure to consider these factors and get it clarified with the tenancy agreement. Finally, make sure to inspect the property in person – check the ambience, surrounding areas, go through the property’s condition, required repairs, before you agree to the tenancy agreement.
Use these simple tips and tricks and find the best apartment for rent in Hong Kong.