Why Hong Kong new arrivals should consider serviced apartments or co-living spaces for a hassle-free move
- For new arrivals to the city, apartments such as those from Xin Management, Skyla and Weave take the stress out of setting up a home, many offering a gym, and kitchen and laundry facilities
Savills’ May 2024 residential leasing report showed that the bulk of 2024’s first-quarter residential leasing growth (1 per cent up from the last quarter of 2023) came from overseas tenants – predominantly mainland Chinese – with mid-range budgets ranging from HK$40,000 to HK$50,000 per month. “They were seeking new developments with pre-installed furnishings and preferred convenient locations with access to the MTR,” said the report.
The property services company also cited a survey showing that these mainlanders seeking leased accommodation mostly arrived through the government’s Top Talent Pass Scheme, which hints that many of them have some financial elbow room.
All of this points to the idea that a large portion of incoming tenants to Hong Kong are looking for a lease that comes furnished, and preferably with a minimum of the stress and/or costs associated with settling into Hong Kong. For these people, moving into the city’s growing array of co-living or serviced apartments seems a good fit.
Xin Management associate director Alison Lai lists five common stresses that serviced or co-living apartments address for new tenants – isolation, convenience, flexibility, cost sharing and maintenance.
“Move-in ready spaces eliminate the logistical challenges of furnishing and setting up a new home, while flexible lease terms accommodate varying stay durations, providing adaptability. Shared utilities and amenities [and] professional maintenance services ensure a worry-free living environment and reduce individual financial burdens,” Lai said.
Xin Management runs serviced apartments in two of Hong Kong’s most bustling districts – one called Yin in Central and another, Yi, in Tsim Sha Tsui.
