地产观潮丨租金回报率持续回升“买房收租”是否划算？

Core Viewpoint - The rental yield in major cities is rising, surpassing bank deposit rates and approaching mortgage rates, prompting property owners to reconsider their strategies regarding renting versus selling [1][2][4]. Rental Yield Trends - The rental yield in key cities has reached 2.08% in the first half of 2025, with first-tier cities like Beijing, Shanghai, Guangzhou, and Shenzhen showing yields of 1.52%, 1.73%, 1.68%, and 1.52% respectively as of October 2025, up from lower figures earlier in the year [1][2]. - In Shenzhen, a property owner reported a rental yield of approximately 2.6% for a two-bedroom apartment, indicating a shift in market dynamics where rental income may be more favorable than selling [2][3]. Market Dynamics - The proportion of transactions involving properties priced below 3 million yuan has remained high, exceeding 25% for four consecutive months, suggesting sustained interest in lower-priced housing [3]. - Industry experts indicate that the current rental yields exceeding bank deposit rates signal a potential stabilization in the real estate market, particularly in first-tier and core second-tier cities [4][6]. Investment Considerations - Analysts suggest that while some properties may offer attractive rental yields, buyers should consider various factors such as market conditions, rental income, and property prices before making investment decisions [6][7]. - Recommendations for potential investors include focusing on properties in central urban areas, near public transport, and considering smaller, newer units or older properties that can be renovated to increase value [7].