Centaline Property's Senior Co-Director of Research, Yeung Ming-yee, noted that the Centa-City Rental Index (CRI) for April 2026 reached a new level of 131.61 points, marking a month-on-month increase of 0.26%. This represents the fifth consecutive month of growth, with a cumulative rise of 1.92% over the period. The index has set new historical highs for three months in a row, surpassing the previous peak of 131.27 points recorded in March this year. It has reached new highs six times in the past ten months. This trend indicates that rental prices are being supported by strong user demand, coupled with a shortage of available rental units, which continues to drive rents upward.

The pre-leasing activity from non-local students has begun to emerge, and with the peak summer season approaching in the third quarter, new demand is expected to enter the rental market. This is anticipated to further boost private residential rents, with the CRI projected to test the 136-point level in the third quarter.

The Centa-City Rental Index for Mass Housing Estates (CRI_Mass) stood at 137.76 points, up 0.41% month-on-month. The CRI for Small and Medium-sized Units reached 134.02 points, increasing by 0.37% from the previous month. Both the CRI_Mass and CRI for Small and Medium-sized Units have risen for five consecutive months, accumulating gains of 1.94% and 1.86%, respectively, and have also set new historical highs for three months in a row. The CRI for Large Units registered 115.43 points, down 0.43% month-on-month. Although the index softened after reaching a new high last month, it remains the second-highest level on record.

Rental trends across the four major districts showed three increases and one decline. The CRI_Mass for Hong Kong Island reached 128.19 points, up 0.93% month-on-month, marking the fourth consecutive month of growth with a cumulative increase of 3.03%. The index set a new historical high for the second consecutive month, surpassing the previous peak of 127.01 points in March this year. The CRI_Mass for Kowloon stood at 124.48 points, rising 0.70% month-on-month, with a cumulative increase of 2.40% over two consecutive months. The index reached a new historical high, exceeding the previous peak of 123.66 points recorded in September 2025. The CRI_Mass for the New Territories West reached 159.14 points, up 0.84% month-on-month, ranking as the fourth-highest level on record. The CRI_Mass for the New Territories East registered 156.51 points, down 1.39% month-on-month, declining after three consecutive months of growth, though it remains the fifth-highest level historically.

In the first four months of 2026, the CRI accumulated a gain of 1.56%, while the CRI_Mass rose by 1.92%. The CRI for Small and Medium-sized Units increased by 1.74%, and the CRI for Large Units grew by 0.39%. The CRI_Mass for Hong Kong Island saw a cumulative increase of 3.03%, while Kowloon's CRI_Mass rose by 2.97%. The CRI_Mass for the New Territories East increased by 0.55%, and the New Territories West's CRI_Mass grew by 0.32%.

Among the 121 large housing estates included in the CRI, 79 estates (accounting for 65.3%) recorded year-on-year increases in their three-month moving average adjusted rental prices per square foot in the first four months of 2026. Kowloon had 24 such estates, the New Territories East had 19, while Hong Kong Island and the New Territories West each had 18. Fourteen estates saw rental increases exceeding 5%, all of which are categorized as second-tier estates. Notable increases included Tai Po Centre (up 13.46%), Royal Peninsula (up 8.92%), Emperor Palace Garden (up 8.27%), The Latitude (up 7.97%), and The Hermitage (up 6.79%).

In contrast, traditional major first-tier large housing estates recorded rental increases of less than 5%. Examples include Taikoo Shing (up 4.13%), Mei Foo Sun Chuen (up 3.12%), City One Shatin (up 1.35%), and Kingswood Villas (up 0.53%).

Among the 22 luxury housing estates, 10 estates (accounting for 45.5%) recorded year-on-year rental increases in the first four months. Three estates saw increases exceeding 5%, namely Beverly Hill (up 11.89%), Kingswood Villas (up 6.50%), and The Cloister (up 6.07%).