Core Insights - The average rental prices in key cities in China continued to show a slight downward adjustment in Q3 2025, with a cumulative decline of 0.61% across 50 cities. The rental market is expected to enter a traditional off-season in Q4, influenced by stable demand and increased supply of rental housing [1][2][47] - The implementation of the "Housing Rental Regulations," the first national-level administrative regulation in the housing rental sector, marks a significant advancement in the legal framework of the industry, promoting professionalization and standardization [1][12][45] - The rental yield ratio in key cities has shown a slight increase, indicating improved returns on quality assets, with the average rental-to-price ratio rising to 2.21% as of September 2025 [9][47] Rental Price Trends - In Q3 2025, the average rental price in 50 cities decreased by 0.61%, with a monthly decline that expanded after the graduation season [2][4] - The average rental price in September 2025 was 34.74 yuan per square meter per month, reflecting a month-on-month decline of 0.39% and a year-on-year decline of 3.76% [2][4] - Among the 50 cities, 30 cities had rental prices between 20-30 yuan per square meter per month, while first-tier cities like Beijing, Shanghai, and Shenzhen maintained rental prices above 80 yuan per square meter per month [4][6] Policy Developments - The "Housing Rental Regulations" came into effect on September 15, 2025, establishing a legal framework for rental activities and enhancing market regulation [12][13] - Local governments are focusing on implementing central policies, emphasizing the collection and rental of existing properties to increase rental supply [19][21] - Financial support for the rental market is being enhanced, with the inclusion of market-oriented rental housing in public REITs, facilitating investment in the rental sector [17][36] REITs Performance - In Q2 2025, public REITs for affordable rental housing showed stable performance, with an overall income increase of over 5% [24][29] - The rental rates for market-oriented projects improved, with many projects achieving occupancy rates above 95% [29][33] - The preparation for the issuance and expansion of public REITs is progressing steadily, with plans for new projects and expansions in the pipeline [33][36] Long-term Rental Market Dynamics - The top 30 long-term rental apartment companies in China had a total of 1.398 million opened units by the end of Q3 2025, with significant contributions from real estate companies [41][42] - The management scale of these companies reached approximately 1.98 million units, indicating a robust growth trend in the sector [43][44] - The industry is expected to shift towards a focus on quality and service, driven by policies promoting the construction of high-quality rental communities [18][48]
中指研究院：住房租赁行业迈入传统淡季 四季度重点城市住宅平均租金将延续调整态势
智通财经网·2025-10-24 07:49