租赁新规落地，长租公寓从从“求规模”走向“重运营”

Core Insights - The rental market is entering a rational adjustment phase as housing prices decline, leading to a more cautious approach to home buying and a focus on enhancing rental product diversity and quality [1] - The implementation of the Housing Rental Regulations on September 15 has accelerated market changes by strengthening regulation and standardizing market behavior, pushing companies to innovate in product offerings, processes, and community services [1] Market Dynamics - The changing supply-demand relationship is identified as the core reason for market shifts, with a significant underestimation of the floating population, which reached 376 million according to the 2020 census, 140 million more than previous estimates [2] - There is a notable mismatch in supply and demand, with 24 million affordable rental units built but only 7 million occupied, while brand long-term rental apartments have a management scale of about 3 million units with over 85% occupancy in first-tier cities [2] - The demand side is also changing, with smaller households leading to lower space requirements and millions of families facing issues of inadequate housing space and outdated facilities [2] Industry Adjustments - Long-term rental companies are exploring service upgrades and product structure adjustments in response to changing tenant needs, focusing on quality and space design for new projects [3] - Companies are seeking to reduce operational and construction costs through digital management, policy support, and partnerships with investors, while also applying energy-saving technologies and value-added services to counter profit pressures [3] - The new rental era emphasizes user needs, driving a comprehensive restructuring of products and services, with companies needing to balance economic and social value in their operations [3] Investment Opportunities - The introduction of public REITs provides an alternative investment path for long-term rental apartments, shifting valuation logic towards cash flow stability as a core indicator [4] - The current industry restructuring highlights that success is no longer solely based on scale, but rather on operational efficiency, user demand, and ecosystem co-construction [4] - A systematic approach and refined services are essential for reconstructing living relationships and promoting urban symbiosis, making rental living a significant lifestyle choice rather than a temporary solution [4]