租购并举深化，政策驱动租房市场迈向“住有优居”

Core Insights - The housing rental market is entering a traditional off-season, with a slight month-on-month decline in overall listing rents as new rental demand weakens [1] - The implementation of the Housing Rental Regulations is expected to inject new momentum into the standardized development of the rental market [1][6] - The "dual rental and purchase" policy is emphasized as a key direction for housing system reform, aiming to meet the housing needs of new citizens and establish a balanced rental and purchase system [3][5] Rental Market Trends - In October, online rental demand in 40 cities decreased by 14% month-on-month, with first-tier cities like Beijing and Shanghai seeing declines over 8% [2] - The average monthly rent in 50 key cities was 34.57 yuan per square meter, down 0.49% month-on-month, with a cumulative decline of 2.45% over the first ten months of the year [2] - The decline in rental prices is attributed to increased supply of rental properties and the introduction of affordable rental housing, which typically has lower rents than market rates [2][3] Regulatory Developments - The Housing Rental Regulations, effective from September 15, mark a shift towards a legal and standardized rental market, clarifying responsibilities and enhancing market supervision [6][7] - The regulations require real-name signing of rental contracts and mandate that contracts be registered with local property management departments, which aims to improve market order and protect the rights of both landlords and tenants [6] - The regulations also address issues like false listings and rental price manipulation, although challenges in enforcement and compliance costs for companies may arise [7] Market Dynamics - The rental market is increasingly seen as a viable alternative to home buying, especially for new citizens and young people, due to its lower entry barriers and flexibility [3][5] - The current rental market is primarily characterized by fragmented individual listings, with a low proportion of professional rental companies, leading to instability in rental relationships [3][4] - Future policies are expected to enhance support for the rental market from various angles, including financial and market cultivation, to optimize supply and demand [8] Future Outlook - The rental market is anticipated to enter a phase of "high-quality development," with a focus on improving the quality of rental housing and services [8] - The role of affordable rental housing in the housing security system is expected to become more precise and efficient, while industry consolidation may intensify, favoring companies with standardized operations [8]