Rent increase versus tenant retention for a small multifamily in Hong Kong

[reviewTheGarden]

Raising the rent from HK$20,060 toward the HK$22,590 asking level risks losing a reliable tenant; leaving it unchanged means accepting a widening gap. Neither option feels comfortable once vacancy, refurbishment and reletting are priced in.

A smaller adjustment may be the sensible middle course, especially given the good maintenance history. Before proposing it, I want to check whether the comparable homes actually let at their advertised figures, estimate a realistic empty period and confirm the notice requirements for this tenancy.

How would you handle that conversation without presenting the asking rent as a settled market value? I also need to review the lease and deposit process now, since those details become harder to sort out after a tenant decides to leave.

 

[drawsAndCairn]

I wouldn’t treat HK$22,590 as automatically achievable just because it is being asked. Find out whether those comparable homes actually let quickly and whether their condition, size and terms match yours.

Then calculate how many months of the roughly HK$2,530 monthly gap would be lost to vacancy, refurbishment and reletting. A dependable tenant can easily justify leaving part of that gap untouched. You could offer a smaller increase with clear notice and explain the market basis calmly, while giving them time to respond.

Before proposing anything, verify the current Hong Kong notice and tenancy requirements for this particular agreement. Also check the lease wording, maintenance obligations and how the deposit must be dealt with if renewal fails; those details may matter more than the headline asking rent.