Hong Kong renters’ market as prices drop on expat moves

File pic: Micro apartment in Hong Kong

HONG KONG: There’s rarely been a better time to be apartment hunting in Hong Kong than right now.

Rents in one of the world’s most expensive real estate markets dropped to HK$33.60 ($4.33) per square foot in the first quarter, the lowest since the end of 2016, data from Centaline Property Agency Ltd. show. So a typical two-bedroom apartment in Soho now rents for about $3,500 a month, down from $4,200 two years ago, according to Spacious.hk online rentals.