When it comes to Hong Kong, everybody knows that rent there was never in the affordable range. And, even so, it was very hard to find available flats in desired areas, due to high demand. However, the current background generated by the pandemic changed things in ways no one expected, turning Hong Kong into a favorable market for renters. Thus, anyone interested in getting rent in this city should know that now is probably the best time to start looking for a flat.
How much did rents drop in Hong Kong? The last significant drop happened in the last part of the year 2016, when the lower value of rents was recorded. The first quarter of this year brought decreases of US$5.77 per square foot, which is quite significant. Thus, a 2-bedroom apartment can now be rented for approximately US$3,500 per month, compared to US$4,200, which was the value of the rent of the same kind of flat about two years ago.