RentingGuideLeasingConditionsMostpropertiesareleasedoutingooddecorativecondition,unfurnished,andoftenbutnotalwaysprovidedwithapplianceswhichmayincludecookers,refrigerators,washinganddryingmachines,dishwashersandair-conditioners,butexcludingsoftfurnishingssuchascarpetsandcurtains.Exceptforservicedapartments,therearefarfewerfurnishedapartmentsavailable,andthesefewareusuallysmallerunitswithonlyoneortwobedrooms.Air-conditionersareessentialforcomfortablelivingduringthesummermonthsand,ifnotprovidedbytheLandlord,willneedtobeinstalledbythetenant.Therearealsoservicedapartmentsavailableofferinggoodtoexcellentfacilitiesforshortleaseperiodsofthreemonthsorlonger.Therentalsfortheseunitsarecomparativelyhigher.Mosthaveoneortwobedroomsalthoughsomethreebedroomunitsareavailable.RentalsRentalsareinHongKongdollarspayablemonthlyinadvanceand,exceptforservicedapartments,areusuallyexclusiveofmonthlymanagementfeesandGovernmentrates,forwhichanadditional12%to15%oftherentshouldbebudgeted.DepositsTheseareusuallyequivalenttotwo,occasionallythree,months'rentalandarepayabletothelandlordwhenanoffertoleaseisaccepted.TheyaremostlyrefundableinfullshouldtheTenancyAgreementnotbesigned.OncetheTenancyAgreementissigned,thedepositisheldbytheLandlordwithoutinterest,andrefundedtothetenantuponexpirationofthelease.Thecostofanydamageorreinstatementworknecessarytotheapartment,otherthanfairwearandtear,willbedeductedfromthedepositbeforerepayment.TenancyAgreementMosttenancyagreementsinHongKongareforatwoyearperiod,althoughitisoftenpossibletohaveanescapeclausethatgivesthetenanttherighttobreakthetenancyongiving2or3months'noticetothelandlordafteraminimumoccupationperiodof12to15months.Bylaw,thetenanthastherightoffirstoptiontorenewthetenancyaftereachtwo-yearperiod,atthecurrentmarketprice.GovernmentRates&RentRentRatesareaformofpropertytaxonleasedaccommodation,assessedbyandpayabletoGovernmentatapproximately5.5%oftheapproximateannualrentalvalue.Inaddition,propertiesinsomedistricts(partoftheNewTerritoriesandoutlyingislands