Renting An Apartment In Hong Kong

By Jamie Alfaro

Renting An Apartment In Hong Kong

What exactly is a standard Lease Term for renting a Hong Kong apartment?

A normal residential Lease Term in Hong Kong is two years, consisting of one year Fixed and 1 year optional. Only when the one year Fixed Term has expired there's a break clause which allows the early Termination of the Tenancy provided that a written notice is offered to the Landlord 2 months in advance. So for a standard Tenancy Agreement the minimum Lease Term is 14 months, consisting of the 12 months fixed Term and the two months needed for the advanced notice of Termination.

Is it feasible to rent an apartment for less than a year?

In Hong Kong, there is no minimum term for renting an apartment, but most landlords opt to rent out their apartments using the regular 2-year lease term. If you plan to rent an apartment in Hong Kong for less than a year only, it would be best to think about a serviced apartment since their terms are frequently flexible, and in Hong Kong, you can discover a number of choices that will fit your needs and budget.

What are the expenses that renting an apartment in Hong Kong generally incur?

There's the estate agent's fee of half a month's rental, and Stamp Duty which for a regular Lease Term (exceeding 1 year but not exceeding three years) is 0.5 percent of the typical yearly rent, this duty is payable in equal shares by the Landlord and Tenant. In some cases where the landlord would demand the Tenancy Agreement to be executed with the presence of a lawyer, further legal fees may have to be paid by the renter.

How much do renters usually pay for the commission?

The commission is equal to a 1-month rent, and is paid by each the landlord and the renter as soon as the Formal Tenancy Agreement is executed. The renter pays half of the commission and the other half is paid by the landlord.

What's the usual amount of the deposit that renters must pay to rent an apartment?

The normal deposit in Hong Kong is two months' worth of rental, and in some circumstances, based on the Landlord, three months. When the tenancy agreement has expired, the landlord will give back the renter's deposit provided that he didn't breach the tenancy agreement's terms and conditions. This is stand practice when renting Hong Kong Property. Note that in a standard Tenancy Agreement, in the case that the Landlord suffered a loss or damage aside from from normal wear and tear and because of the Tenant's breach, the Landlord may deduct this loss from this Deposit.

All in all, how much outlay is a necessity when renting an apartment?

Throughout the signing of the Formal Tenancy Agreement, the renter should bring the following: two months' worth of rental for the security deposit, 1 month worth of rental for the advance, half month worth of rental for the agent's commission, and the stamp duty, which has to be paid to "the Government of the HKSAR".

What are the documents that renter must bring on the day of the signing of the agreement?

As a renter, you'll need to bring a Hong Kong identification card or your passport, while some landlords also need a copy of your employment contract.

What's the distinction between Inclusive and Exclusive Rent in Hong Kong?

Inclusive rent means that all the expenses that are related with the property, like the government charges, management charges, and property rates, are already included in the rental price. In contrast to the inclusive rent, the exclusive rent doesn't include any of these further fees, which is why when searching for an apartment, ensure you consider whether the cost is inclusive or exclusive. Most of the time, rental prices are stated as inclusive to prevent renters from getting confused, but in some instances, agents state only the exclusive rates to make a lot more pricey rental properties appear more attractive to renters.

In Hong Kong, are the utilities included in the rent?

In Hong Kong, most rental costs for apartments don't include the utilities. But in some instances, these Utilities can be negotiated into the rental price at a capped rate for the Utility charges, and any charge more than this amount may be the responsibility of the Tenant. For more info on how you can apply for Utilities in Hong Kong, please follow this link.

What are the rights of the tenant in Hong Kong?

As a Tenant you have the right to hold and take pleasure in the Premises throughout the Term of Tenancy totally free from any interruption by the Landlord, and it is implied that the Landlord shall provide and keep the premises fit and secure for habitation. The landlord must also keep and maintain each of the structural components of the premises, which includes the pipes, drains, electrical cables, and appliances included in the premises, to be in a functioning state, and in instances when repair is required, the landlord must also carry out what's essential.

Is it permitted to bring pets when renting an apartment in Hong Kong?

Depending on the Deed of Mutual Covenant of an apartment building in Hong Kong, pets may or may not be allowed in the building, even so, it's at the discretion of the Landlord whether or not pets could be accommodated in the premises. In case you are planning to bring with you your pet in the course of your stay in the apartment, ensure to obtain the approval of the landlord first, and, as stated in the regular tenancy agreement, you must not produce any nuisance or annoyance to the landlord or to the other tenants inside the building.

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