How would you like to share an apartment with 18 other people?

// October 29th, 2009 // Finance, News

Real estate has skyrocketed in Hong Kong for the past decade because of the increasing demand and limited land for development. Average citizens of Hong Kong typically devote roughly 50% of their paycheck to pay their rent. Most of them live in high rises apartments, which may cost roughly $600,000 in areas that are close to the city center. CNN has an interesting article about “cage housing”, a 625 sq ft apartment shared by 18 other people. Each “cage” provides enough space for a bed, a small tv and some storage space for the tenants. The tenants share the kitchen and two bathrooms. The apartment owner collects about $2,500 (HK$19,375) from all the tenants. The sleeping spaces are stacked on top one another and rent for the top space goes for $100 while rent for the lower deck goes for $150 because you have standing room below. The economic crisis has caused an influx of people who have no choice but to live in these cage houses. Otherwise, they would probably end up living on the streets of Hong Kong.

-Boon

CNN Reports: Living in a cage in Hong Kong by Eunice Yoon