房地产行业：2024年上海租赁住房市场月报

Investment Rating - The report indicates a cautious outlook for the Shanghai rental housing market, with a rental yield dropping to 1.6% in October, reflecting a decline in both rental prices and transaction volumes [3][75]. Core Insights - The Shanghai rental market experienced a "volume and price drop" in October, with rental yields decreasing to 1.6% [3][75]. - Economic indicators have shown signs of recovery due to various policies, but overall pressure remains on the market [3][12]. - The rental market is characterized by a significant increase in supply, while demand has weakened, leading to increased discounts and promotional offers to attract tenants [5][41]. Policy and Macro Economic Analysis - In October, various policies were introduced to support the rental housing market, including measures to increase the supply of affordable housing and optimize housing fund withdrawal policies [8][9]. - The urban unemployment rate decreased to 5.0%, indicating a slight improvement in the job market, which may help stabilize rental prices [17]. - The Consumer Price Index (CPI) for rental housing in Shanghai remained stable, with a slight increase of 0.3% [19]. Shanghai Concentrated Apartment Market Analysis - In October, 13 new concentrated apartment projects were launched, totaling approximately 14,000 units, indicating a focus on large-scale projects [29][30]. - The average rental price for institutional-operated long-term apartments was around 3.6 yuan per square meter per day, reflecting a seasonal decline [33][35]. Shanghai Scattered Rental Market Analysis - The scattered rental market saw a total of 45,000 transactions in October, a month-on-month decrease of 6.4%, with an average rental price of 4,950 yuan per month [41][42]. - The rental price per square meter dropped to 2.29 yuan per day, with an increase in negotiation space to 7.13% [41][43]. - The rental demand in Shanghai has been consistently low, with a rental activity index of 495, down 29.6% year-on-year and 10.3% month-on-month [22][23].