深度研究丨租金持续下行：租赁企业过得怎么样？

Core Insights - The long-term rental industry is facing significant operational pressure in 2025 due to an increase in supply from affordable rental housing, leading to a decline in rental prices across major cities [1][3] - The rental market's supply-demand structure is being reshaped, with a notable impact on market rents, particularly in first-tier cities where the average completion rate of affordable housing projects has reached approximately 87% [1] Rental Price Trends - Rental prices in key cities are experiencing a continuous decline, with the average rental price per square meter in major cities dropping by around 5% in 2024 and early 2025, except for Beijing and Guangzhou [2][3] - Specific cities like Chengdu and Wuhan have seen rental price declines exceeding 5% [1][2] Market Dynamics - Many small to medium-sized rental enterprises are shutting down, with 97.6% of the 492 rental companies in Shanghai experiencing a decrease in operational scale over five years, and 88.1% of these companies have ceased operations [3][6] - Major rental companies are also facing project closures and are retreating from the market due to declining rental prices and increased competition from affordable housing [6][8] Strategic Adjustments - Leading rental companies are renegotiating base rents with asset owners to regain pricing flexibility and maintain operational viability [8][9] - Companies are exploring innovative revenue streams through the commercialization of common areas, such as transforming underutilized spaces into profitable ventures [12][13] Competitive Positioning - In response to the competitive landscape, top rental companies are adjusting rental prices dynamically to avoid areas with strong competition from affordable housing [13][16] - The traditional rental model is evolving into a triangular collaboration model involving asset owners, funding parties, and operators, which aims to balance interests and ensure sustainable operations [16][17]