Zhong Guo Jing Ji Wang·2025-10-23 10:07Core Insights - The new rental era is driven by the dual forces of diversified housing demand and policy-market dynamics [3][6] - The implementation of the Housing Rental Regulations has led to a more structured and compliant rental market, presenting new development opportunities [3][6] Policy and Market Changes - The transformation in supply-demand dynamics is central to industry change, with increased financial support for affordable rental housing leading to enhanced supply and quality [6] - The actual number of mobile populations was significantly underestimated, with the 2020 census revealing 376 million, 140 million more than previous estimates, highlighting a hidden demand in the rental market [6] - 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 apartments have a high occupancy rate in first-tier cities [6] User Demand and Industry Reconstruction - The shift in user demand is driving a comprehensive restructuring of the industry from product-focused to service-oriented [10][13] - The need for service upgrades and product structure adjustments is evident, with new projects requiring a focus on quality and spatial design [10] - Companies are encouraged to balance economic and social value, transitioning from landlords to micro-city operators [10][13] Asset Value and Operational Efficiency - The introduction of public REITs has altered valuation logic, emphasizing cash flow stability as a core metric [11] - Companies are exploring cost restructuring and innovative models to mitigate profit pressures, including digital management and energy-saving technologies [11][12] - The consensus among industry experts is that operational efficiency, user demand, and ecological co-construction are key to achieving a restructured housing relationship and urban symbiosis [13]