Colliers: The average rent per square foot of private residential properties in Hong Kong in October experienced a slight decline of approximately 0.18% on a month-on-month basis, following an increase for 8 consecutive months.

According to the "Rental Trend Chart" by Midland Realty, the average rent for private residential units in October, calculated by usable area, was about HK$38.71 per square foot, a slight decrease of about 0.18% month-on-month after rising for 8 consecutive months. Midland Realty analyst Samson Sum believes that despite the end of the leasing peak season, rents have only slightly fallen. Rents in the first 10 months of this year have still increased by about 2.76%, remaining about 0.99% higher than the previous record high of HK$38.33 in July 2019. With strong housing demand in Hong Kong and the government actively attracting talents, it is expected that the average rent for private residential units will fluctuate slightly at a high level in the short term, with the possibility of breaking the previous record next year. Among the top ten estates, in October, 3 estates saw an increase in rents compared to the previous month, while 1 estate remained stable. The largest increase in average rent per square foot was seen in Marina Cove, rising by about 1.3%; City One Shatin and Mei Foo Sun Chuen saw increases of about 0.9% and 0.6% respectively. In terms of railway properties, some estates along the railway lines saw larger month-on-month increases in rent in October, with Shinwan Terrace at Lide Station recording the highest increase of about 8.9%, and New Town Plaza at Tai Po Market Station seeing an increase of about 7.8%; Ban Shan One at To Kwa Wan Station, Park Horizon at Olympic Station, and Harbourview Place at Jordan Station saw increases of about 7.6%, 6%, and 4.7% respectively.