Hong Kong Rental Market Heats Up While Singapore Boom Cools
- Rents in Hong Kong are rebounding, while Singapore growth dips
- High interest rates in Hong Kong tilt many in favor of renting
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Hong Kong rents are rising again as overseas workers return, a recovery that contrasts with the cooling market in rival financial hub Singapore.
Hong Kong rents rebounded from their first-quarter decline to climb 2.8% in the second quarter of 2023, Knight Frank data show. While Singapore recorded the same pace of gains, growth in the latter city’s rents was the weakest since 2021, down from a recent peak rate of 8.6%, and the government expects rental pressures to ease further.