Hong Kong rents are approaching historical highs.

According to the latest data released by the Hong Kong Rating and Valuation Department, the private residential property price index in June was reported at 286.7 points, a year-on-year decrease of 5.22%. In contrast, the rental index in June rose to 195.6 points, a year-on-year increase of 1.6%, reaching a nearly 6-year high. Behind the contrasting phenomenon of "rising rents, falling property prices" in Hong Kong is a group of "house-hunting main force" who are densely flocking in: new Hong Kong drifters and mainland students are gradually becoming the "backbone force" in Hong Kong's middle-to-high-end rental market.