Coupled with the high ages of the private buildings, the lack of proper building care culture has led to serious problems of building dilapidation and urban decay in Hong Kong, particularly in old urban areas. Not only is the cityscape ruined, but also are the health and safety of the residents and general public as a whole jeopardized by the problems. To arrest urban decay, redevelopment has long been adopted to renew the rundown areas. However, the approach usually has a negative impact on the existing social fabric and causes a reduction in social capital. Given that older buildings usually have a larger proportion of older residents, and that the present profile of the elderly population is one that tends to be financially less well-off, this group of residents are more adversely affected by the negative impact of social destruction due to redevelopment. In the meantime, building rehabilitation is gaining its popularity. Yet, with a view to a sustainable strategy for urban renewal, it is necessary to balance the interests of different stakeholders. In this light, how the community perceive the costs and benefits of different approaches of urban renewal in Hong Kong worthwhile studying. In this study, the existing social conditions that are conducive to a balanced approach of urban renewal in Hong Kong would be examined through a structured questionnaire survey. In particular, the survey covers the relative significance of the social network in the community perceived by the responding households, their attitudes, willingness, and perceived cost and benefits towards different strategies of urban renewal (i.e., redevelopment and rehabilitation). The survey findings are then discussed and policy implications follow. Recommendations can be drawn with respect to the community engagement process that would enhance the development of a balanced urban renewal strategy.