Hong Kong rental market sees record prices for both apartments and luxury mansions

As the summer leasing season begins, Hong Kong's rental market tightened, pushing rents to new highs. A two‑bedroom unit in the Xin Yuan Long Centre was leased for HK$1.72 million a month, setting a record for two‑bedroom units in the development with a per‑square‑foot rent of HK$36.7.

The trend extended to premium properties: the historic Peak Gando 21 mansion, a six‑room house with a 6,100‑sq‑ft garden, was rented for HK$418,000 a month, equating to about HK$104 per square foot. Other upscale rentals on the Peak and Mid‑Levels also achieved double‑digit per‑square‑foot rates, underscoring strong demand from local families and mainland professionals.

These transactions illustrate a broader surge in Hong Kong residential rents, driven by limited supply, proximity to transport links, and continued interest from both local and mainland tenants.