As a global financial hub, and consistently ranked as one of the world’s best in quality of life, Hong Kong has always been one of the most attractive cities in the world for expatriates. With a population of 7.3 million packed within just 427 square miles (approximately half the size of New York), it’s little wonder that Hong Kong ranks as one of the world’s most expensive cities for accommodations. Most homes in Hong Kong are tiny and range from cramped accommodations to high-end luxury apartments. While accommodations might be expensive, Hong Kong more than makes up for it with its local charm of East meets West, excellent infrastructure, and a vibrant and welcoming expat community.
Hong Kong is divided into three general areas – Hong Kong island, where most corporate offices, trendy restaurants and bars, and luxury shopping are located. Kowloon is home to major tourist attractions and some serious shopping and New Territories, which borders Shenzhen, China. There are also smaller outlying islands, such as Lamma and Discovery Bay, popular with expats seeking a more laid-back vibe.
Getting Around Hong Kong
The dominant mode of transportation is by MTR, the Hong Kong subway system. It’s fast, convenient, and reaches most areas in Hong Kong. For suburban areas such as New Territories, buses and mini buses are used to get around. Ferries are also an effective form of transportation for those who live on the outlying islands. The famous Hong Kong Trams, known affectionately by locals as Ding Ding because of the sound of the tram bells, service Hong Kong island, covering Kennedy Town through to Shau Kei Wan. Cabs are also widely available.
Rental Price in Hong Kong
The price range of Hong Kong apartments varies widely and depends on the location and condition of the apartment. The average price to rent a 700 square feet apartment costs around US$4000, while staying in premium locations such as The Peak averages between US$10,000 to US$25000 per month. Most expats prefer to live on Hong Kong Island due to its convenience and proximity to fine dining and bars, as well as a large expat community in the area.
Where to Live
With its stunning views of Hong Kong, walking distance to the financial and corporate centers, and right above the hub of Hong Kong’s thriving nightlife, mid-levels have long been popular with expats. Want a bite to eat at the most popular restaurant in town or craving a pint after work? Just head downstairs and choose from the many options at your doorstep.
Sai Ying Pun and Sheung Wan
Old school shophouses selling Chinese medicinal wares interspersed with trendy bars, yoga studios, and incredible restaurants, and just 5 minutes away by MTR to the city center in Central, makes this a popular location for single expats and DINKs. The hilly terrain of the roads and local hole-in-the-wall eateries is part of the charm of this area. Apartments range from the up-market The Summa, to more affordable options in older apartment buildings.
The up-and-coming neighborhood of Kennedy Town has become increasingly popular since Kennedy Town MTR was opened in 2014. Nestled in the western corner of Hong Kong, it has a small but thriving bar and restaurant scene, as well as apartments with views of the ocean, given its location right by the waterfront. Its laid-back vibe coupled with the vibrant dining and bar scene makes this a popular spot with expats with young children or those who seek a casual vibe but want easy access to restaurants and the city center.
An eclectic mix of local hong kong culture amidst multiple trendy housing options to choose from, Wan Chai is much loved by expats looking to experience a slice of Hong Kong culture, but within easy access to Central and shopping in Causeway Bay. Some of the best local hole-in-the-wall restaurants, from delicious beef noodle soup to Canto-style grilled chicken chop, can be found in Wanchai, making it a destination for food lovers.
What Do You Need to Rent an Apartment in Hong Kong
Here are the documents required for renting an apartment in Hong Kong:
- Hong Kong Identity Card or Passport, if your HKID has not been issued
- Valid work permit
- Employment letter and contract
- Hong Kong bank account
What You Need to Know About Renting in Hong Kong
Apartments tend to be unfurnished or semi-furnished and do not include utilities in the rent.
View the property in person before making a deposit, as pictures can be misleading. Moreover, because of how small hong kong apartments are, it is normal for photos to use wide-angle lens photography, making the space appear larger than it is. If seeing a space in person is impossible, you may choose to stay in a serviced apartment first while looking around for apartments.
Tenancy agreements are typically two years, with a break clause after one year, with two to three months’ notice. This break clause allows either party to terminate the agreement before the lease expiration date. Termination before the first year usually requires full payment of the remaining months of the tenancy agreement for that first year.
The payment upfront after signing the lease agreement is typically two to three months of rent:
- one month of rent as a security deposit,
- first month’s rent, and
- additional management fees and stamp duty.
The security deposit will be refunded after the tenant moves out if there’s no breach of the terms and conditions of the lease.
Our local agents at (client’s website) can help you find a serviced apartment that meets your needs as you settle in Hong Kong and provides an all-inclusive service, including coordinating furniture rental, and international school recommendations with our trusted business partners. Simplify the process of apartment hunting and reach out to us at (client’s website), or send us a Whatsapp message at (client’s number) today.