Short Vs Long Term Rentals In Hong Kong: Which Suits You Best?
Can’t quite decide if you should sign on a short or long term lease for a home in Hong Kong that seems to check all the boxes? You’ll want to read this first before coming to a decision.
When it comes to renting an apartment or room in bustling Hong Kong, the options range from small rooms to fully-furnished luxury serviced apartments. Add to that, rental lease terms that range from short stints to long haul ones that go up to two years (or more).
These factors will play a large role regardless of the reason why you are seeking to rent. For instance, you could be temporarily shifting out of your family home while it is undergoing renovations. Maybe you could be thinking of gaining some personal space for a couple of months to work on yourself before moving back to your family.
Or perhaps, you could be an expatriate who is vacillating between living at different parts of this dynamic city on short-term apartment leases as opposed to committing to living at one location for the long haul. Or you just need to be on a flexible lease due to COVID-19 uncertainties.
Whatever your reason may be, if you're looking for a new place and need to weigh the pros and cons of a short and long term rental lease, you've come to the right place.
Short-term rentals refer to furnished rooms, co-living spaces and apartments that are rented for around one week to a year. If you are travelling for business or leisure, you are likely to rent such accommodations.
Short term renting can be an attractive option to adopt in Hong Kong as you can enjoy the flexibility of trying out different living spaces to determine which one suits your needs best. You take away the pressure of committing to one living space for the long haul at first glance. For example, if you are currently telecommuting, you might opt for a rental option that lasts for a month or two before your company decides to call you more regularly to the office as COVID-19 safe distancing restrictions ease.
Another major benefit of short term rental in Hong Kong is that you have the freedom to move out once your contract ends. This is especially so if the apartment is malfunctioning, neighbours are disrupting your life, or if you found a better rental option elsewhere.
That being said, some downsides to short-term renting in Hong Kong include the hassle of moving in and out more frequently, as well as a relatively higher monthly rent (as compared to monthly rent for a longer period of time). If you have children, the problem with moving houses every now and then may also disrupt their daily routines.
Rental prices for a typical small one-bedroom apartment lists for around HK$8,000 to HK$28,000 per month — depending on size, location and furnishings. While it might be more convenient to opt for a virtual tour of your desired room or apartment, we advise that you carve out some time to pay a physical visit instead. Being physically in the apartment will allow you to check that everything depicted online accurately reflects the situation on the ground. After all, ‘pictures are for illustration purposes only’.
If you are looking for a fully-furnished room or entire apartment at centrally-located areas to rent, Hmlet Hong Kong offers them leases that go for as short as 1 month.
Long Term Rentals
Many houses and apartments in Hong Kong would be classified under the category of long-term rentals. As land is scarce and thus pricey in crowded Hong Kong, chances are you might find yourself having to pay quite a bit of rent, especially if you live closer to the business districts or city centre.
A major advantage of long-term rentals in Hong Kong is that given the already sky-high rent, having a long-term lease with your landlord would ‘lock-in’ your monthly rent at a certain price. This means not having to worry about government tax increases affecting your rent or a surge in rent due to market demand. Therefore, if you plan on staying in Hong Kong for a considerable period of time (e.g. one or two years), a long-term rental option would enable you to save in terms of overall rent.
Another upside to long-term rentals is the stability and peace of mind. You would not have to worry about finding a new accommodation or undergo the hassle of moving house every couple of months. If you have family members with you, a long term rental option might offer them security and minimise disruption to family life.
Additionally, if you have a large budget and are planning to stay in Hong Kong for a longer time, luxury serviced apartments with state-of-the-art amenities might be something to consider.
On the flip side, should you dislike anything about the apartment after moving in, or encounter problems with your flatmates or next-door neighbours, you would be unable to move out on short notice without incurring costs. This is because some leases have terms that require you to pay the rent for the total amount of time you agree to rent your accommodation upfront. Such inflexibility might be off-putting for some, especially if you are uncertain about your length of stay in Hong Kong.
Renting comes with its own set of stress. If it's your first time renting in Hong Kong or if you haven't moved out for a while, take notes from locals with these 7 things to look out for before renting in Hong Kong.
Make sure your research is thorough too. Even though Hong Kong is known to have shoebox homes, the reality is there are big apartments for small prices available in Hong Kong.
Or if you just want a peace of mind, get in touch with us and our sales reps can help find the best home for you. Schedule a physical viewing at your convenience and check out our fully-furnished homes for yourself!