With the high pressure of purchasing properties, many young people in Hong Kong choose to rent homes. But how can one find cheaper rental options in Hong Kong? In fact, the Hong Kong Government has launched the "Youth Hostel Scheme" to help young people aged 18-30 rent homes at 60% below the market rental rate. Let’s dive into the 6 Youth Hostels and learn more about How to apply? What are the requirements? What is the rent? What are their features?
In response to the demand for private living space by working youth and to further develop the potential of unused land, the Hong Kong Government proposed the Youth Hostel Scheme (YHS) in the 2011-12 Policy Address. This scheme is government-funded and collaborates with non-governmental organizations to build youth housing facilities. Some projects have transformed hotels or guesthouses into youth hostels. These facilities are managed and operated independently by non-governmental organizations.
Youth hostel projects set rent at no more than 60% of the market rent for similar units nearby. The first lease term is at least two years, with some projects allowing renewal, for a total lease period of no more than five years. Applicants must be Hong Kong permanent residents aged 18 to 30, provide employment proof, self-employed or salaried, and pass an income and asset review at the time of application, while not owning any residential property in Hong Kong.
Here are six major youth hostel projects in Hong Kong. Let's take a look at each project's accommodation, rent, lease terms, application requirements, and features to help you choose the right project for yourself.
Although the YHS project has reasonable rents and requirements, the number of accommodations is limited and cannot meet the demand of Hong Kong youth for affordable rentals.
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