Renting in Hong Kong has always been expensive, and Taikoo Place is no exception.
According to the SCMP in November of 2020, Hong Kong’s home rental market faces a very tough fourth quarter as recession makes redundancies more probable in the city.
With many companies remaining reliant on government handouts to stay in business, more redundancies will be noticeable well into 2021 and that will have a negative impact on local housing demand.
In Taikoo, like in other parts of the city, landlords have been trying hard to increase demand by offering incentives and bonuses to entice lessors into the market.
When thinking about renting an apartment in Hong Kong, the location of course is vital.
It is important to take into consideration the ease to access public transport and for that Taikoo is excellently positioned.
In addition, the security and safety of both the building and the community should also be taken into account and we note that the crime rate in Taikoo Shing is very low when compared to other parts of Hong Kong.
An apartment for rent in Taikoo is typically measured in square feet of the overall gross floor area (which is typical in Hong Kong). That for example includes the outside terrace, car parking, and also often combines common (private) areas of the building like the foyer, elevator waiting area the actual stairwells.
Property agents in Hong Kong are the most friendly and accessible, you ought to be satisfied with their services. When you rent in Hong Kong the commission fee you have to paid is applicable only after the tenancy contact has been confirmed by both parties in the leasing and rental agreement.
Once you have found the right home to live in Taikoo, Hong Kong, you’d be recommended to sign an actual legally binding apartment rental contract. You should make sure that you understand what you are signing and all the associated liabilities that go along with the apartment rental.
After your apartment lease is confirmed and a deposit of between one and four months rent has been paid to the landlord, then the lease can start.
The lease must be sent to the Hong Kong Inland Revenue Department to get it authorized and stamped within 30 days from its date of the leasing and agreement effect.
At this stage, when you have leased your new apartment then you ought to organize your utilities, such as water, electricity, gas, and other costs.
In most of the domestic costs, you will likely be transferring the utilities from a previous tenant or owner, so ensure all of the changes are made in a timely fashion.