Posted by
onzki
7 yrs ago
[This is about Domestic/ residential tenancy]
Dear all:
Just want to have a quick check if this is normal in HK- I understand the clause 1 yr. fixed/ 1 yr. flexible in tenancy contract is the default. But how many of you experienced a landlord who is so watchful of market and keeps jacking up rent annually? Thanks!
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The standard lease in HK is two years with a break clause after 12 months. Some break clauses are only execrable by the tenant and some by either the tenant or the landlord. There is usually no right for a rent review prior to the expiry of the two year term.
That said, the lease is a contract and it is up to the parties to negotiate whatever they can agree into it – if the lease says that the rent can be adjusted after 12 months, then the landlord is within his/her rights to adjust the rent to match the market.
Have you checked your lease?
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As a (very small) landlord myself, I do not understand the mentality of of jacking up the rents to the point where a tenant would leave. Once a tenant is in place, I am much better off accepting slightly below market rent than dealing with the cost of a vacancy (lost rent, agency, cleaning the air-con units etc).
As OffThePeak said, there is no shortage of places for rent in Hong Kong (especially if you can be flexible in terms of location).
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