Mainland university students' arrival in HK pushes rents to new heights

With the peak of mainland Chinese university students arriving in Hong Kong in July, rents in several private housing estates have hit new highs.

Property agents said that housing estates near universities in areas such as Sha Tin and Tai Po have seen mainland students rushing to rent units, pushing up rental transaction levels.

Wong, a senior sales manager of Midland Realty in Sha Tin, said that small housing estates in the Sha Tin city center recorded 40 rental transactions this month, with over 90% being mainland university students.

A 274-square-foot unit in Tower D of Hilton Centre, which was converted from a one-bedroom to a two-bedroom, was originally listed for rent at HK$15,800 but was eventually rented by two mainland students for HK$15,300, achieving a unit rate of HK$55.8 per square foot, a new high for such small units. Wong noted that the market rent for such units is usually around HK$13,500, but mainland students offered over 13% higher than the market price, indicating their relatively strong leasing capability.

Yeung, a manager of Centaline Property in Tai Po, said that with the summer holiday starting, leasing transactions have been active, and many mainland students have accelerated their apartment rental process.

"The branch recently recorded a leasing transaction for Flat G on the low floor of Block 10 of Serenity Park in Tai Po, with a saleable area of 355 square feet and a two-bedroom layout. After negotiation, it was rented out for HK$13,000, with a unit rate of HK$36.6 per square foot. The new tenant is two mainland male students, who found the unit price reasonable and rented it by paying one year's rent upfront for convenience in going to campus,"  he said.