9 Steps to Renting a Furnished Apartment in Hong Kong
Basic Client Information Required, Deposits, Terms & Conditions
Renting a furnished or serviced apartment in Hong Kong can be a convenient and comfortable accommodation option, particularly for expatriates and professionals seeking temporary housing. However, before entering into a rental agreement, both the landlord and the tenant must adhere to certain terms and conditions to ensure a smooth and transparent contractual process. Below are the key aspects that cover client information, deposit and advance rental, and the contractual process for renting a serviced apartment in Hong Kong.
The Process in 9 Key Steps
The contractual process of renting a serviced apartment in Hong Kong generally follows these:
Property Search: The tenant searches for available serviced apartments that meet their requirements, such as location, size, and amenities.
Viewing and Selection: After finding potential apartments, the tenant schedules viewings to assess the property's suitability. Once a suitable apartment is chosen, the tenant communicates their intention to rent the unit.
Offer and Acceptance: The landlord, upon accepting the tenant's offer, presents a formal offer letter outlining the terms of the tenancy, including rental amount, lease duration, and any special conditions.
Signing the Licence or Tenancy Agreement: Once both parties agree on the terms, a licence or tenancy agreement is drafted. The agreement will include the responsibilities and obligations of both the tenant and the landlord during the rental period.
Payment of Deposit and Rent: Before the tenant moves in, they are required to pay the security deposit and the initial rental amount as specified in the tenancy agreement.
Move-in Inspection: A move-in inspection is conducted to record the condition of the apartment and any existing damages. This document will be important for determining the refund of the security deposit at the end of the tenancy.
Utility Arrangements: This is often covered by serviced apartments, however, for some hybrid accomodation that offers furnished or unfurnished flexible term apartments, the tenant is often responsible for setting up utility accounts (e.g., electricity, water, internet) and paying for their usage throughout the tenancy.
Rental Period: The tenant can occupy the serviced apartment for the duration specified in the tenancy agreement. If the tenant wishes to extend the lease, they should discuss it with the landlord before the agreement's expiration, typically 1 month prior to the expiry date.
End of Tenancy: When the tenancy period ends, the tenant vacates the apartment, and a move-out inspection is conducted to assess any damages beyond normal wear and tear. The security deposit, after deducting any legitimate charges, is then refunded to the tenant.
Client Information Required
When applying to rent a serviced apartment in Hong Kong, potential tenants are typically required to provide the following information:
Personal Identification: Tenants need to submit a valid identification document, such as a passport or Hong Kong identity card, to verify their identity.
Contact Details: Tenants must provide their contact information, including phone numbers and email addresses, for communication purposes throughout the rental process.
Proof of Employment: Some landlords may request proof of employment, such as an employment contract or letter from the employer, to verify the tenant's ability to pay the rent.
References: Some landlords may ask for references from previous landlords or employers to gauge the tenant's rental history and reliability.
Security Deposit & Advance Rental Payment
In Hong Kong, it is customary for landlords to require a security deposit from tenants before moving into a serviced apartment. The deposit serves as a form of protection for the landlord in case of damage to the property or breach of the rental agreement. The typical deposit level is equivalent to one to two months' rent. However, it's important to note that some landlords may request a higher deposit depending on the individual circumstances or the property's rental value.
It is crucial for both landlords and tenants to have a clear understanding of these terms and conditions before entering into a rental agreement. Consulting with a real estate professional can provide further guidance and ensure a smooth and fair contractual process for all parties involved.
