In its biannual Macroeconomic Assessment report, the HKMA noted that about 40,000 HDB and private residential units were completed this year, the most since 2008; and that by 2023 to 2025, nearly 100,000 HDB and private residential units will be available on the market.

The HKMA revealed that from 2023 onwards, the number of customers putting up their flats for rent through estate agents and those looking for a flat to rent have both decreased.

The lack of clarity in the global economic outlook, coupled with the slower pace of economic growth, will also dampen demand in the residential rental market.

Private residential rents have risen by 43 per cent since 2021, and HDB rents have also risen by 38 per cent.