Unlike the U.S., people here are more willing to negotiate prices and/or freebies, and rentals are no exception. Apartment listings will include the rent price, but will also include a lower price that "may be considered." So renting an apartment happens in two stages: first, you negotiate a price and seal it with a written contract and payment of the first month's rent. Then in the second stage, you sign the lease agreement. Oh, and you also hand over a huge amount of money, which consists of the security deposit (equal to two months' rent), "stamp duty" (tax, shared equally between landlord and tenant), and the agent's commission (half a month's rent). We expect this second stage to happen later this week.
Housing prices here in HK are appalling -- unless you live in, say, midtown Manhattan -- but the recent economic crisis has really brought housing prices down. We got our apartment for HK$10,000 (about US$1,300) less than its original listing. However, the housing market here is extremely volatile and there's no such thing as rent control, so I won't expect things to stay this way.
Posts
