Midland Properties: The average rent per square meter of private housing in Hong Kong has been rising for 5 consecutive months and is expected to rise by about 3% in the third quarter

The Zhitong Finance App learned that according to the US Union's “Rent Chart”, the average rent per square foot of private housing in Hong Kong in June was about HK$38.3, up about 0.52% from the previous month, rising for 5 consecutive months, the biggest increase in five months. Rent per square foot hit a record high in nearly 6 years (71 months) and further reached the July 2019 record high, with a difference of less than 0.1%. Liu Jiahui, chief analyst at Midland Properties, pointed out that entering the traditional peak rental season in the third quarter, and with more mainland students studying in Hong Kong, rental demand is expected to increase, which will strongly drive rents to rise further and break through historic highs. It is expected to rise by about 3% in the third quarter. In particular, rents in the vicinity of universities are more optimistic.

In terms of the top ten housing estates, the average rent per square foot in June was “8 up and 2 down”. Among them, Mei Foo Sun Chuen's average utility rent in June was about HK$34.9, up about 4.8% month-on-month, the highest increase among the top ten housing estates; followed by Taikoo Shing, which also increased by about 4.2% month-on-month; for Whampoa Garden, Kornhill Garden, Metropolis City, and Haiyi Peninsula, recorded a month-on-month increase of about 2.1% to about 3.3% month-on-month. Among the top ten housing estates, rents in Kingswood Villas and Yingwan Park declined month-on-month. The former fell slightly by about 0.4%, while the latter fell by about 1.3%.

In terms of housing estates along the railway line, the month-on-month increase in rent for some housing estates in June was more significant than that of the top ten housing estates. For example, Shatin Central Square at Shatin Station increased by about 9.4% month-on-month, while Banyan Terrace at Lai Chi Kok Station and Park King Bay at Olympic Station also increased by about 7.2% and 6.9% respectively. Yulong Mountain at Fotan Station and Hongdu Fotan Station rose by about 5.9% and 5.8% respectively. The increase was higher than Mei Foo Sun Chuen, which had the best rent performance in the top ten housing estates.