"Rent Trend Chart" has increased by 0.69% month-on-month in May, marking the largest increase in 21 months.

With the rental peak season underway, some international students are renting apartments in Hong Kong in advance for the new academic year. Coupled with the dual effect of incoming talents and families continuing to come to Hong Kong, the increase in private residential rent per square foot has widened, reaching a new high. Analyst Chan Chung Chin of Midland Realty pointed out that according to Midland's "Rent Trends Chart," the average rent per square foot of private residential properties in May, calculated by usable area, was about 39.55 Hong Kong dollars, representing an increase of about 0.69% month-on-month, and achieving the largest increase in 21 months. Chan continued to say that the rent per square foot of private residences has risen for five consecutive months. Since reaching a historic high in January this year, it has shown a strong upward trend month after month, with an accumulated increase of about 2.1% in the first five months of this year, compared to a near-year low in January 2023, an increase of about 18%. With the peak rental season approaching in the summer, it is expected that the rental demand from mainland and overseas students will further increase. At the same time, under the continuous promotion of various talent import plans, the rigid demand for housing is strong, which is expected to continue to provide upward momentum for rents, with the possibility of further increases. Looking back at the average rent per square foot performance of the top ten housing estates in May, half of the housing estates recorded increases. Among them, Park Island saw the largest increase, with an average rent per square foot in May increasing by about 3.7%. Tseung Kwan O Town and Mei Foo Sun Chuen both increased by about 1.4%; Tai Koo Shing and City One Shatin increased by about 0.9% and 0.2% respectively; among the remaining five housing estates, Kornhill Gardens and The Belcher's remained stable; Laguno City, Whampoa Garden, and Kadoorie Hill recorded a decrease of about 0.6% to 1.2% compared to the previous month.