RESIDENTIAL PROPERTY | Staff Reporter, Hong Kong

Public housing rents to climb 10% by September

The surge comes after a report suggested that higher incomes can support steeper rents.

Rents for public housing are set to increase by 10% from September 1, the Housing Authority said in a statement, which represents an increase of about $188 per month on average.

The rental surge comes after the authority’s Subsidised Housing Committee endorsed the outcome of the public rental housing rent review which suggested that higher incomes might be able to absorb steeper rents.

Also read: Government unveils new initiatives to ease housing crunch

The commissioner’s report showed the income index of 2017 was almost 12% higher than that three years ago, prompting the authority to adjust public housing rent by the change rate of the income index, with the increase capped at 10%.

Tenants will be notified one month in advance about their new rental duties. The government earlier said that it will shoulder the additional cost burden of flats released  by the Housing Authority and Housing Society. 

Also read: Government to launch Starter Homes pilot project in Ma Tau Wai Road 

Public rental housing supply is pegged at 34,800 flats to be ready for allocation in 2018-19. Of this number, 23,100 new flats and 11,700 refurbished flats will be made available to the public. 

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.