Konnichiwa: Japanese tenants scout for serviced apartments in Hong Kong

Their monthly budgets range from HK$40,000 to HK$50,000.

A recent report by Savills reveals that Hong Kong’s serviced apartment sector is witnessing more demand from Japanese tenants in Kowloon on budgets of HK$40,000 to HK$50,000 per month. The analyst notes that landlords still scramble to get tenants, with some offering special deals such as studios or suites in the HK$20,000 to HK$40,000 per month range. Generally, occupancy levels showed a minor improvement over the quarter. 

“Serviced apartment rents have stabilized from the last quarter with an overall 0.4% increase, while rents for hotel-like units have fallen slightly (-0.5%). Apartment-like units recorded a mild increase of 1.9%. With their convenient locations near business districts and their affordable rents, local young professionals continue to take an interest in serviced accommodation,” adds Savills.

Meanwhile, luxury residential units are attracting demand from younger single executives or couples without children. Luxury rents on Hong Kong Island inched up 1%, while rents in Kowloon and the New Territories slipped 0.1% and 0.8%, respectively, in Q3 2021.