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 an important indicator for property investment alongside price fluctuations [1][5] - As of November 2025, the average rental yield in key cities across the country has slightly increased to approximately 2.23%, with cities like Shenzhen, Chongqing, and Nanjing showing higher yields [1][11] - The rental yield is now more attractive compared to bank deposit rates, with one-year and three-year deposit rates at 1.1% and 1.55% respectively [1] Rental Yield Trends - In November 2025, Shanghai's second-hand residential transactions reached 20,500 units, a 22.45% increase month-on-month, indicating a strong market activity [3][6] - Certain neighborhoods with mature amenities and rental yields above 2% are experiencing higher transaction volumes [3] - The rental yield for specific properties in Shanghai ranges from 1.8% to over 4%, with some areas like Nanjing showing yields as high as 4.1% [4][5] Market Dynamics - The rental market is seeing a normalization and professionalization, with a steady demand supporting rental prices despite fluctuations in housing prices [5][12] - In November 2025, the average rental yield in 50 key cities improved by 0.25 percentage points compared to early 2023, indicating better investment returns [5][11] - The transaction volume in Shanghai's second-hand market is heavily concentrated in lower-priced properties, with around 70% of transactions under 3 million yuan [7] Policy Impact - Recent policies, including the Housing Rental Regulations, aim to enhance the rental market's quality and stability, promoting a dual rental and purchase housing system [10][11] - The regulations encourage the use of private housing for rental purposes and support the transformation of old properties into rental units [10] Rental Price Adjustments - Despite the increase in rental yields, rental prices have been declining, with a cumulative drop of 3.04% in the average rent across 50 key cities in the first 11 months of 2025 [12] - The average rent in November 2025 was 34.4 yuan per square meter per month, reflecting a 0.60% decrease month-on-month [12]