租金收益率跃升！ “买房出租”成为投资置业新热点

Core Insights - The rental yield, also known as the housing rental-to-sale ratio, is becoming increasingly important alongside property price fluctuations, with national key cities seeing a slight increase in rental yield to approximately 2.23% as of November 2025 [1][3] - In cities like Shenzhen, Chongqing, and Nanjing, rental yields have risen, with second-tier cities such as Wuhan, Chengdu, and Chongqing exceeding 2.7% [1][8] - The rental yield is more attractive compared to the one-year bank deposit rate of 1.1% and the three-year rate of 1.55%, making property investment more appealing [1] Rental Yield Analysis - In Shanghai, the average rental yield for a two-bedroom apartment is around 1.8%, while some properties in the same area have yields exceeding 3% [2] - A specific property in Nanjing has a rental yield of 4.1%, indicating high investment returns in certain areas [2] - The average rental yield across 50 key cities has improved by 0.25 percentage points since early 2023, reflecting better investment returns in the rental market [3] Market Activity - In November 2025, Shanghai's second-hand residential transactions reached 20,500 units, a 22.45% increase month-on-month, indicating a robust market activity [1][4] - The proportion of properties priced under 3 million yuan in Shanghai has risen to 70%, marking a new high for the year [4] - Shenzhen's second-hand housing transactions have remained above 5,000 units for nine consecutive months, stabilizing market sentiment [5][6] Regional Trends - In November, six districts in Shenzhen accounted for 92.3% of second-hand housing transactions, highlighting a concentration in mature and well-supplied areas [6] - Chongqing's second-hand housing transactions in November reached 9,249 units, a 19% increase from the previous month, with a focus on lower-priced properties [6] - The rental market is experiencing seasonal fluctuations, with some cities seeing a slight decrease in rental prices despite an overall increase in rental yields [8][9] Policy Impact - The introduction of the Housing Rental Regulations aims to standardize rental activities and promote high-quality development in the rental market [7][8] - The regulations encourage the use of private housing for rental purposes and support the transformation of old commercial properties into rental units [8] - The rental market is transitioning into a phase characterized by institutional operation, quality upgrades, and financial support [8]