Tommy Wong: Tenants Know Rent Will Rise and Will Renew Leases Quickly

Tommy Wong pointed out that once tenants know their rent is going to rise, they will renew their leases as quickly as possible. He mentioned a cha chaan teng owner who found that a tenant's business was doing well yet was reluctant to renew the lease, because the tenant believed there was still room for rents to fall and that the later the lease was renewed, the lower the rent.