5 Tips for renting a house in Hong Kong

  1. Choose a platform for searching a renting property

There are many online property platforms such as 28 House, 591, spacious or squrefoot, which gather the rental properties of many real estate agencies and you can search your favours properties by yourself. However, some of the owners do not want their sale public, such as villa, luxury home or mansion. Agencies would have more options for those luxury properties.

In addition, hiring a licensed estate agent who has professional knowledge on building rental and sales transactions and is regulated by the Estate Agents Authority on your behalf, can protect your rights. Agent will sign the "Real Estate Agency Agreement" with the client, and everyone will have the real information of the other party, and the two parties will also have greater protection for themselves.

  1. Check Saleable area vs Gross area

Occasionally, it is very confusing for many people who want to rent a house in Hong Kong. The saleable area is the actual size of a home, including balconies. Gross floor area includes the saleable area plus a share of the common areas, bay windows and facilities. The government has required estate agencies to state the saleable area of the property in the advertisements since 2014, which is clearer of the actual size of the house.

  1. Check the apartment in person

Whether you are renting an apartment, villa or mansion, tenant need to check the property, the reality may not match the pictures from those online platforms. You shall also check facilities, furniture and appliances as well. However, Engel and Volkers Hong Kong agent take the properties pictures by themselves, and the properties are all detailly checked. You can also ask with your agents about the surrounding neighbourhoods and security.

  1. Prepare three months rent budget

Generally, renters will charge the first month rent and a two-month deposit which will mostly be refunded at the end of the tenancy agreement. The rents for rental properties already include the property management fee and rates, but the water, electricity and maintenance costs may not be included.

  1. Check the paperwork (Formal Tenancy Agreement, Bank Consent and Stamp Duty)

Tenants need to bring work proof documents to prove that the tenant has a stable income and request the rental agreement issued by the bank. After the formal lease agreement is signed, the lease agreement shall be kept in duplicate by the landlord and the tenant, and the tenancy agreement has to be stamped within 30 days from the date of execution. With Engel and Volkers agents, all the paperwork will be handled comprehensively by them.

 

At Engel and Volkers Hong Kong, we pride ourselves on being one of the best and trusted property estate agents, especially in luxury homes globally. If you are in need of finding a local real estate agent or simply wanting help in finding Hong Kong property to sale, please reach out to us so we can connect you with one of our best real estate agents to assist or search residential properties for you.