High Demand for Rentals at LOHAS Park! Teacher Outbids Mainland University Student for 2-Bed Apartment at HK$16,000/Month | Rental Market Update

As the traditional summer rental peak approaches, the Hong Kong rental market is heating up, with some housing estates experiencing fierce competition. At Lohas Park in Tseung Kwan O, a two-bedroom unit recently attracted multiple inquiries, ultimately renting for an average monthly rate of HK$16,000. The new tenant, a teacher, secured the lease by paying a year's rent upfront, outbidding a mainland university student.

Market sources indicate that the unit in question is a high-floor RC unit in Tower 6 of The Capitol, with a saleable area of about 517 square feet and two bedrooms. Initially listed at HK$16,800 per month, it received interest from various prospective tenants, including professionals and mainland students. The landlord favored two school teachers due to their stable income and willingness to pay a year's rent upfront, totaling around HK$192,000. After negotiations, the deal was closed at an average monthly rent of HK$16,000, or about HK$30.9 per square foot.

The landlord purchased the unit in June 2011 for HK$4 million and can now enjoy a rental yield of about 4.8%. 

Additionally, a low-floor unit C in Tower 1A of Malibu at LOHAS Park, with a saleable area of about 459 square feet and two bedrooms, was rented out in less than 24 hours. Reportedly, the unit was quickly taken by a tenant from Central, who preferred Malibu for its newer building age and comprehensive clubhouse facilities, over older estates on Hong Kong Island. The unit was rented for HK$18,000 per month, or about HK$39.2 per square foot.

The landlord purchased the unit in June 2018 for HK$8.361 million and currently earns a rental yield of approximately 2.6%.

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