Unit of Metro Harbour View which in area of 432 sq ft was rented at monthly HKD 15,000 with rental yield at 6.7%.
Summer holiday is always a golden period for mainland students finding rented house in Hong Kong. Recently, mainland students from each college started to find rented house to prepare for new school days.Thereinto, unit of Metro Harbour View in Tai Kok Tsui which in area of 432 sq ft rented by a mainland student at monthly HKD 15,300. The owner enjoys rental yard of about 6.7%. At the same time, some research report from property agent pointed, the renting supply was obviously increased because many investors changed selling into renting. It speed up the falling of the rent and made the rent had fallen for two months. This offset the rising of the rent in this year. It is estimated rent in this quarter will continue adjust.
Zhang Zhongxian from Hong Kong Properties expressed, room C, high floor in building 10 of Metro Harbour View in Tai Kok Tsui of which the usable area is 432 sq ft and the cover area is 600 sq ft was rented by a mainland student at monthly rent of HKD 15,300 with the usable area sq ft rent at HKD 35.4 and the cover area sq ft rent at about HKD 25.5. Since there were no many available rented properties in Metro Harbour View left recently, both sides made deal readily. The owner bought this unit at about HKD 2.73 million in July 2008 and enjoys rental yield at about 6.7%.
Two room unit of Scenery Court was rented without visiting in advance.
As for Sha Tin District which always is the “house renting paradise”of mainland students, it is very convenience to direct to The Hong Kong Polytechnic University in Hung Hom, The Chinese University of Hong Kong in Tai Po, City University of Hong Kong and Hong Kong Baptist College in Kowloon Tong. There were 3 mainland students rented a two rooms unit in Scenery Court without visiting in advance in earlier. Du Wenjun from Centaline Property expressed, room A, high floor, building 1 of Scenery Court of which the cover area is 569 sq ft and the usable area is 459 sq ft was rented at HKD 15,500 with the cover area sq ft rent at HKD 27.2 and the usable area sq ft rent at HKD 33.8. Du Wenjun said, the new tenants are 3 mainland students who just slightly made counter-offer at HKD 500 and readily rented the unit without visiting the house in advance because they felt the owner’s price was reasonable and afraid the rent would get higher. It is known that, the owner bought this unit at HKD 2.8 million in October 2009 and enjoys rental yield at about 6.6% from this renting.
More than half of 88 cases of renting in Sha Tin were made by mainland students.
Du Wenjun continue pointed, mainland students successionally went to find rented house in Sha Tin when summer holiday coming to prepare for school days which started from September. The renting in downtown of Sha Tin in June was really active. There were about 88 cases of renting in record in each large private projects such as Wai Wah Centre, Sha Tin Centre and Hilton Centre in the whole month. Among, more than half of the renting were made by mainland students
Supply of rented houses increased and rent had continuously dropped for two months.
However, rent did not rising even the renting business got into hot season. The Senior Associate Director of Research Department of Centaline Property, Huang Liangsheng pointed, buyers changed to wait and see after government launched many items of measures to suppress the property market. Many investors rented the house instead of selling. It made supply of rented house obviously increased and speed up the falling of the rent. The rent had fallen for two months. According to the statistics from Centaline Property, the average cover area sq ft rent of 85 large private projects in Hong Kong in MAY was HKD 22.5 by record which fell 1.3% comparing with data in April and the falling range was the largest in 16 months since last January. In addition, the rent had accumulatively fallen 1.7% in two months. The sq ft rent in May was the latest lowest in 6 months since last November when the sq ft rent was HKD 22.4. It is predicted the rent in this quarter will continue adjust.
