HK Rental Guide for Beginners: Rental Costs and Lease Terms

Going to Hong Kong for studies or work, how to rent a place often marks the beginning of a new life. Adapting to a new language and lifestyle, while facing Hong Kong's rental costs and lease terms, can be quite daunting, right? Don't worry, let's take a look at how to easily handle rental-related matters in Hong Kong.

Rental Costs: What is "Two Deposits, One Payment"?

When renting in Hong Kong, you might come across the term "Two Deposits, One Payment." This simply means paying two months' rent as a deposit plus the first month's rent. In addition, there are other additional costs, such as utilities, gas, and property management fees, etc. These should be discussed in advance with the landlord to clarify which parts are your responsibility and which are covered by the landlord.

Proactive Steps: Verify Authentic Landlords

Before signing a lease, make sure to do thorough preparation to ensure that the other party is indeed the landlord and request to see their "consent to lease" document to safeguard against any unforeseen situations that may force you to move out.

If you find the process complicated, or are unclear on how to negotiate the rent and contract terms with the landlord, you can seek help from LetsGetHome. What's more appealing is that by using LetsGetHome's pay-per-service, tenants can save up to 70% on agent fees.

Lease Terms: Detailed Negotiation

The most crucial part of the renting process is negotiating the terms of the lease agreement with the landlord. Here are some common lease terms explained to help you better understand:

• Rent Details: Ensure the lease clearly lists the monthly rent amount and the payment method.
• Lease Duration: Carefully check whether the lease specifies the rental period, whether it's for years or months.
• Property Management Fees: Determine whether the rent includes property management fees, and if not, know the amount and payment method.
• Rent-Free Period: Understand if there is a rent-free period stipulated in the lease, that is, whether rent is required during a certain period after the lease starts.
• Deposit: Clarify the specifics about the deposit in the lease, including the amount and the conditions for its return.
• Maintenance Responsibility: Be clear about how maintenance and repairs are divided between you and the landlord.
• Early Termination: Look into whether the lease allows for early termination, along with the associated procedures and fees.
• Pets and Renovations: If you have pets or plan to make renovations, ensure these are permitted in the lease and understand the specific restrictions.

Rental Basics for Beginners

Ask a few more questions before you start looking for properties, and you won't have to worry about falling into unseen traps during the rental process.

What Are Rental Miscellaneous Fees?

The "Rental Miscellaneous Fees" mentioned here refer to various costs that you have to pay in addition to the rent, such as utilities and property management fees.

Does the Rent Include Miscellaneous Fees?

Rent usually includes the basic housing rent, but sometimes it may also include property management fees or utilities. It is best to clarify these details with the landlord before signing to avoid unnecessary trouble later on.

What Are the Differences between Deposits and First Month's Rent?

Deposits and the first month's rent are two very important concepts. The deposit is a sum of money you need to pay when moving into a new place to ensure that you do not damage the property or leave contrary to the agreement. The first month's rent is what you pay for the first month upon moving in. Remember to understand the difference between the two!

How to Get a Rent Discount?

Sometimes, if you negotiate with the landlord early enough, you can secure a rent discount. Usually, you can choose to pay half a year's or a full year's rent in advance, and the landlord might give you a certain discount! Make sure to negotiate this point with the landlord before signing.

LetsGetHome: Say Goodbye to High Commission Fees

Now, there's a brand-new rental platform "LetsGetHome" that offers pay-per-service for all tenants looking for the ideal home in Hong Kong, making the rental process safer and more convenient. Here, you can freely choose the services you need, and the best part is, you no longer have to pay expensive commission fees. Save up to 70% of rental costs than the traditional way.