With the financial tsunami seemingly a thing of the past for Hong Kong the rental price of Hong Kong apartments has made a strong come back to the rejoice of landlords but to the detriment of tenants. Although the local economy has fundamentally recovered, the imbalance of the global macroeconomics has made Hong Kong a prime target for global hot money, driving up asset prices. Housing prices in Hong Kong have risen to new heights and respectively the rental yields needed to sustain them, presenting a dilemma for the unfortunate individual which has seen no increase in real income.
Given the situation there is no better time to be an astute negotiator when looking to rent Hong Kong apartments, below are some proven tips and strategies to hopefully help you save on your rental costs. Prices are set for negotiation. A majority of asking prices for rental include a buffer for some negotiation, the trick is to estimate the amount of the buffer and make an appropriate offer.
Identify apartments listed for an extended period of time. Find out how long the apartment has been on the market for, for landlords, including mortgage payments for a Hong Kong apartment there are many associated costs such as management fees and rates. With so many costs involved a vacant apartment for extended period of time might present you with an apprehensive landlord and may offer some more leeway for negotiations. Rent free period. Landlords love a tenant that can start the rent as soon as possible, if you can start the rent at a very early date and the landlord won't move on the price anymore, sometimes you can use your early start date as a bargaining chip and negotiate some rent free period.
Be the perfect tenant. Imagine yourself as a landlord and what kind of tenant you would prefer to rent to. The best way to do this is to tell your agent a bit more about yourself so it will be easier for the agent to sell your qualities as a tenant to the prospective landlord, also remember that landlords love a long term tenant. Furniture and fittings. Hong Kong apartments are rented on an "as is" basis, so once you sign the agreement what the condition of the apartment and what it contains will be the what you accept to rent. So identify what fittings are missing or what pieces of furniture you think can be provided and try to put those request into the agreement.
Pay lump sum rent in advance. This is an extreme strategy but can be quite effective, though not all landlords may be interested. Depending on the situation these tips and strategies may not always work, for more advice on renting Hong Kong apartments, please contact Home Net Property Services.
Given the situation there is no better time to be an astute negotiator when looking to rent Hong Kong apartments, below are some proven tips and strategies to hopefully help you save on your rental costs. Prices are set for negotiation. A majority of asking prices for rental include a buffer for some negotiation, the trick is to estimate the amount of the buffer and make an appropriate offer.
Identify apartments listed for an extended period of time. Find out how long the apartment has been on the market for, for landlords, including mortgage payments for a Hong Kong apartment there are many associated costs such as management fees and rates. With so many costs involved a vacant apartment for extended period of time might present you with an apprehensive landlord and may offer some more leeway for negotiations. Rent free period. Landlords love a tenant that can start the rent as soon as possible, if you can start the rent at a very early date and the landlord won't move on the price anymore, sometimes you can use your early start date as a bargaining chip and negotiate some rent free period.
Be the perfect tenant. Imagine yourself as a landlord and what kind of tenant you would prefer to rent to. The best way to do this is to tell your agent a bit more about yourself so it will be easier for the agent to sell your qualities as a tenant to the prospective landlord, also remember that landlords love a long term tenant. Furniture and fittings. Hong Kong apartments are rented on an "as is" basis, so once you sign the agreement what the condition of the apartment and what it contains will be the what you accept to rent. So identify what fittings are missing or what pieces of furniture you think can be provided and try to put those request into the agreement.
Pay lump sum rent in advance. This is an extreme strategy but can be quite effective, though not all landlords may be interested. Depending on the situation these tips and strategies may not always work, for more advice on renting Hong Kong apartments, please contact Home Net Property Services.
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