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Hong Kong’s All Time High Rents Due To Rising Student Housing Demand

Hong Kong’s All Time High Rents Due To Rising Student Housing Demand

BY Realty Plus
Published - Monday, 09 Sep, 2024
Hong Kong’s All Time High Rents Due To Rising Student Housing Demand

Investors are snapping up Hong Kong properties at steep discounts and transforming them into student accommodation, as rising housing demand from mainland students drives rents in the city to an all-time high.

The city has all the requirements that can help it become a major international education hub just like London, and certainly a leading one in Asia, he added.

The Hong Kong government’s doubling of the quota for non-local post-secondary students, starting from the current academic year, bodes well for student accommodation operators. Nearly 74,000 non-local students are enrolled in colleges in the city, but government-funded student hostels only offer 38,000 beds, according to a Colliers’ report on student accommodation released on Monday.

As of the first half of 2024, Hong Kong had nine privately owned student accommodation projects offering 2,787 beds. Y.X is the largest provider, offering a total of 971 beds in four projects, according to Colliers.

Rents of student accommodation vary and depend on many factors. For example, Y83 in Hung Hom has a total of 800 beds, according to its website. A single room with an area of about 140 sq ft to 160 sq ft is available from HK$13,200 per month. Shared rooms are around 150 sq ft to 160 sq ft, with monthly rents starting from HK$8,100 per bed. Each room is fully furnished and the price includes water, electricity and internet. Tenants also have access to a fitness room.

With an estimated 25 per cent of local full-time students and all non-local full-time students in post-secondary courses needing accommodation, the demand is expected to reach 175,000 beds by 2028, Colliers said. This will result in a shortfall of about 120,000 student beds, the property consultancy added. Meanwhile, the strong rental demand from the rising inflow of mainland students has bumped up Hong Kong rents, which are now flirting with an all-time high seen five years ago.

The official rental home index in July rose 1.1 per cent month on month to 194.1, taking the gauge 6 closer to the peak of 200.1 recorded in August 2019.The emerging asset class will see more hotel and co-living sector operators convert their properties into student accommodation, he added.

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