The worst is finally over for Hong Kong’s serviced apartment market

Rents for hotel-like units rose 5.1% in Q3.

In Hong Kong’s serviced apartment market, a Savills report says the worst seems to be over, with rents for hotel-like and apartment-like units rising by 5.1% and 4.1% respectively. 

Enquiries have also risen as quarantine measures have been eased and overall occupancy is now at 63% with rents firming especially for smaller units in Mid-Levels. 

Here’s more from Savills:

Many guests are young mainland graduates who are in Hong Kong for one to three months training with international law firms and banks. Budgets in this group can vary from HK$30,000 to HK$70,000 per month. 

The unemployment rate in the finance, insurance, real estate, professional and business services (FIREBS) sector locally has fallen to less than 3%, also helping to fuel demand for serviced units.