再创新高！2025年上半年全国重点50城租金回报率升至2.08%，跑赢常见理财收益率

Core Insights - The domestic housing rental market in China is experiencing subtle changes, with the rental yield in 50 key cities rising to 2.08% in the first half of 2025, an increase of 0.02 percentage points from 2024, marking a new high [1] - Both housing prices and rents are in an adjustment phase, with expectations for housing prices to decline more than rents, leading to an increase in rental yield and improved rental income expectations [1][3] Rental Yield Analysis - Rental yield, defined as the ratio of annual rental income to property cost, is a crucial indicator for assessing property investment viability. Cities with rental yields above 5% are considered valuable for purchase and rental, while those below 3% indicate overpriced housing [3] - In August 2025, the average rental yield of 50 cities reached 2.08%, outperforming most low-risk financial products, with five-year fixed deposit rates at approximately 1.3% and ten-year government bond rates at 1.78% [3] City-Level Insights - The rental yield shows a pattern where three to four-tier cities outperform first and second-tier cities, with first-tier cities averaging 1.85%, second-tier at 2.06%, and three to four-tier cities at 2.58% in the first half of 2025 [6] - Specific cities like Urumqi, Guiyang, Guilin, Harbin, Zibo, and Changsha have rental yields in the internationally recognized reasonable range, with Urumqi leading at 3.86% [7] Investment Considerations - While rental yields have increased, the real estate market is still in a recovery phase, and investors should consider factors such as capital thresholds, holding periods, liquidity constraints, and market confidence [5][8] - Major cities like Shenzhen have the lowest rental yields, with Beijing and Shanghai following, indicating that despite the rise in rental yields, the market remains challenging for investors [8]