Housing Society to put rents up by 10 percent
The Housing Society on Wednesday announced 10 percent rent increases for residents of the 20 public estates it operates. Each household will see a rise of at least HK$230 per month. The changes come into effect in October, but tenants will be given a three-month waiver given the current economic situation of Hong Kong, the society said. The public housing body is envisaging a revenue loss of almost HK$24 million due to the waiver. The society stressed that in increasing rents, it has taken into account how much tenants can afford to pay, along with its financial needs. It added that it has incurred an operational loss over the past two years due to rising maintenance costs and it expects further losses in the next two years. It said the new rent levels will remain unchanged until the next review in 2026.