报告：上半年重点50城住宅平均租金累计下跌1.37%

Group 1 - The average residential rent in 50 key cities in China decreased by 1.37% in the first half of 2025, with all city tiers experiencing a decline, although first-tier cities saw a relatively smaller drop [1] - The rental market shows significant seasonal effects, with a temporary stabilization in February followed by a decline from March onwards [1] - The main demographic of renters consists of highly educated young individuals, particularly recent graduates who prefer long-term rental apartments [1] Group 2 - Over 80 housing rental policies were introduced by various local governments in the first half of 2025, enhancing support for both supply and demand sides, which aims to improve rental housing quality and stimulate rental demand [1] - The development of affordable rental housing is progressing well, with many regions nearing their "14th Five-Year Plan" targets, and future developments will focus on demand-driven construction [2] - The public REITs for affordable rental housing are experiencing stable operations, although overall returns have slightly decreased due to short-term rent adjustments [2] Group 3 - The housing rental market is transitioning from large-scale construction to improving existing stock, with progress in acquiring existing properties for affordable rental housing [3] - The concept of "good housing" has been incorporated into government work reports, indicating a shift towards quality transformation in the rental market [3] - Companies are encouraged to leverage policy opportunities to revitalize existing assets and utilize financial tools like REITs for asset securitization and capital recovery [3]