All Landlord Guides·Hong Kong landlords
This Month vs the usual month for Hong Kong landlords
Rental cashflow is easier to misread when one cell tries to answer two questions: what moved this calendar month, and what the flat usually does every month.
Keeping those readings separate is the simplest way to stay honest about both bank activity and the asset.
The problem with one number
Spreadsheets often blend “this calendar month” and “what the flat usually does” into a single figure. A tenancy month can look like a disaster once Stamp Duty or agency commission lands, and a quiet month with no one-offs can look healthier than the asset really is.
Neither reading is wrong on its own — they answer different questions. The trouble starts when one blended total is asked to do both jobs.
This Month
This Month is cash that actually moves in the calendar month — scheduled receipts and payments dated in that month, in full.
One-offs count when they fall in that month. Agency commission on a new tenancy, Stamp Duty on the agreement, a large repair, or a deposit transfer can swing the month sharply. That is useful when you want to know what hit the bank this month — not what the flat is like in a typical month.
The usual month (Normalised Monthly)
Normalised Monthly — the usual month — uses recurring income and costs only. One-offs stay out so a single bill does not become the new normal.
Think of it as the steady picture of the flat: rent that keeps coming in, Mortgage Repayment, Management Fees, Property Tax, and other ongoing items. When those line up, you can see whether the property is cashflow positive in ordinary months, without a tenancy-setup invoice rewriting the story.
Same flat, two readings
Round numbers in HKD for one residential flat in a month with a new tenancy. Recurring lines: rent HK$20,000 in; Mortgage Repayment HK$12,000 and Management Fees HK$2,000 out. One-off agency commission HK$10,000 (a typical 50:50 split of one month’s rent between landlord and tenant) also falls in the same calendar month.
This Month
−HK$4,000
20,000 rent − 12,000 mortgage − 2,000 fees − 10,000 commission
Looks rough — and for bank cash this month, it is.
Normalised Monthly
+HK$6,000
20,000 rent − 12,000 mortgage − 2,000 fees (commission excluded)
The usual month is still cashflow positive once the one-off is set aside.
One spreadsheet cell that averages both stories would hide either the painful month or the healthy usual month. Two figures keep both truths visible.
What belongs where
Recurring (usual month)
- Rent (and other regular income)
- Mortgage Repayment
- Management Fees
- Property Tax
- Insurance or other ongoing costs you pay every period
One-off (This Month only when dated)
- Stamp Duty on a new tenancy
- Agency commission
- Legal fees on a new tenancy
- Large repairs or refurbishment
- Deposits and other one-time transfers
This guide is educational only and is not tax or financial advice.
Track both without a blended cell
A careful spreadsheet can hold two columns — many landlords already do. Cashflow Positive is built around that split for Hong Kong residential properties: This Month for calendar cash, Normalised Monthly for the usual month. Free for 1 property.
For a quick Gross vs Net yield screen before you track monthly cashflow, use the free Hong Kong Rental Yield Calculator.
Free for 1 property
See This Month and Normalised Monthly side by side on one flat. Upgrade to Pro when you need portfolio views and unlimited properties.