Giving 2 months notice = paying 2 rents?

I suppose it happens a lot but I haven't been in this particular predicament in my years here and would welcome any advice on what other tenants are doing in these circumstances


Basically, my current lease expires at the end of July and I will not be renewing (rental due for a huge increase) so I need to find a new place and vacate the property on or before 31 July. I realise I've picked the worst possible time, when lease properties I can afford are very rare on the market in my area and landlords seem to be asking what they want rather than what their properties are actually worth, so I suspect I'm at a huge disadvantage when it comes to negotiating.


I appreciate I will have to downgrade, but what is more galling is that it looks like I could end up paying twice when doing so. Because available places are so few and far between right now, if I find a suitable one within my budget I'll need to commit immediately, meaning I will have to pay rent on both the new and current places for up to two months until my two-month notice period is up. This will be way too expensive and really goes against the grain.


The only alternative I see is to just wait until nearer the end of my current lease and hope an agency will come up with somewhere suitable, but this tactic could result in me being homeless on 1 August, which would mean a hastily organised serviced apartment and putting masses of furniture and household stuff in storage. So it's not the ideal scenario either but one I have to consider.


What do people do? Am I missing another option? (Other than buying, or leaving Hong Kong.) I should be grateful if anyone has any thoughts.