房地产行业2024上半年重点50城租售比调查报告：租金回报率创新高，租房收益跑赢银行存款利息

Industry Investment Rating - The report highlights a positive trend in rental yields, indicating potential investment opportunities in the real estate market, particularly in cities with rising rental returns [3][7][9] Core Viewpoints - The national average price-to-rent ratio in 50 key cities decreased to 1:590 in the first half of 2024, showing a narrowing gap between housing prices and rents for the second consecutive year [3][4] - Rental yields in 50 key cities reached 2.03% in the first half of 2024, the highest since 2019, outperforming the five-year deposit interest rates of major banks [3][7] - The rent-to-price ratio in 50 key cities decreased to 49.2 years, indicating a shorter time required to recover housing costs through rental income [3][15] - The rent-to-income ratio in 50 key cities dropped to 12.75%, reflecting a reduction in rental pressure for residents [3][21] Price-to-Rent Ratio - The average rent in 50 key cities was 33.29 yuan/m²/month in the first half of 2024, a 1.18% decrease from 2023, while the average housing price dropped by 4.65% to 19,640 yuan/m² [4] - The price-to-rent ratio has been declining since 2019, reaching 1:590 in the first half of 2024, indicating a gradual correction in the housing market [5] Rental Yield - Rental yields in 50 key cities increased by 0.07 percentage points to 2.03% in the first half of 2024, surpassing the five-year deposit interest rate of 1.8% [7][8] - Second and third-tier cities saw rental yields rise to 1.92% and 2.46%, respectively, while first-tier cities experienced a slight decline to 1.79% [9][10] - Yinchuan led with a rental yield of 4.58%, while Xiamen had the lowest at 1.32% [10] Rent-to-Price Ratio - The rent-to-price ratio in 50 key cities decreased to 49.2 years in the first half of 2024, the lowest since 2019, indicating a shorter time to recover housing costs through rental income [15] - Cities in the Yangtze River Delta and Pearl River Delta regions, such as Xiamen and Dongguan, had the highest rent-to-price ratios, requiring over 70 years to recover costs [16] Rent-to-Income Ratio - The rent-to-income ratio in 50 key cities dropped to 12.75% in the first half of 2024, reflecting a reduction in rental pressure for residents [21] - Shenzhen, Shanghai, Sanya, and Beijing formed four major rental pressure zones, with rent-to-income ratios exceeding 24% [23] - Nearly 90% of the 50 key cities saw a decline in rent-to-income ratios, with Sanya being an exception due to strong tourism-driven rental demand [26]