Second-hand private property rental month 2.5% seven years most urgent
Second-hand residential rents continued to rise. According to the newly signed tenancy agreement of Central Plains Property, the average practical rent for 107 large private residential estates in Hong Kong recorded 36.7 yuan in May, which was 2.5% higher than the 35.8 yuan in April. Since the biggest single-month increase in the past seven years, the average rent has risen for three months, and the increase has been about 3.1%.
The latest average rent is a seven-month high since the record of 37.4 yuan in October last year, which is only 1.1 yuan (about 2.9%) lower than the historical high of 37.8 yuan in August last year. Huang Liangsheng, senior co-director of the Central China Real Estate Research Department, pointed out that the rental trend indicates that the summer rental season is coming, and the future rent growth will continue. It is expected to return to last year’s high in July this year.