租赁新规落地月余，行业供需错配问题仍存，合规与效率成行业重构基石

Core Insights - The housing rental market in China is entering a new development phase driven by policy changes, particularly with the implementation of the Housing Rental Regulations, which has been in effect for over a month [2][3] - The new regulations aim to address prominent issues in the rental market, such as "formaldehyde houses" and "group rentals," establishing clear behavioral norms and legal responsibilities for all parties involved [3][4] - The rental market is experiencing a structural transformation, with a shift from a focus on scale expansion to quality operation, as rental demand increases while home-buying demand decreases [5][6] Policy and Regulation - The Housing Rental Regulations, effective from September 15, 2023, focus on regulating the rental market and promoting high-quality development, supporting the establishment of a dual rental and purchase housing system [3][4] - The regulations have led to a modern regulatory framework centered on credit supervision and multi-department collaboration, enhancing the market's operational standards [3][4] Market Supply and Demand - As of Q3 2025, the monitored supply of rental housing in 16 cities reached approximately 69,365 units, with a notable increase in affordable rental housing, which accounted for 69.6% of the new supply [3] - The average monthly rent for institutional management projects in these cities was 2,549.45 yuan, reflecting a 9.14% decrease from the previous quarter [3] Structural Changes - The rental market is undergoing significant structural changes, with a notable increase in the supply of affordable rental housing and a growing emphasis on quality and service [5][6] - Despite the increase in affordable housing, there remains a mismatch in supply and demand, with 24 million affordable units built but only 7 million occupied [5][6] User Demand and Industry Transformation - The new rental era emphasizes a user-centered approach, with diverse demand driving a comprehensive restructuring of product design and service systems [7][8] - Companies are focusing on service upgrades and product structure adjustments to meet evolving tenant needs, with an emphasis on quality and spatial design [7][8] Financial and Operational Strategies - Financial support policies are being implemented to expand market supply, including the introduction of market-oriented rental housing as a new asset type for investment [4] - Companies are exploring cost restructuring and innovative models to enhance operational efficiency and service value, addressing profit pressures in the current market environment [8]