2025年8月房地产市场跟踪：《住房租赁条例》正式出台，完善“租购并举”制度保障

Investment Rating - The report does not explicitly state an investment rating for the real estate industry Core Insights - The introduction of the "Housing Rental Regulations" is a significant step towards standardizing housing rental activities and promoting high-quality development in the real estate market [3][7] - The regulations aim to enhance the rights and interests of rental parties and support the transition from a single sales model to a diversified development model in the real estate sector [3][7] - The report highlights the importance of the "rent-purchase dual-track" system in stabilizing the real estate market and addressing housing issues for various demographics [5][7] Market Tracking Summary Supply Side - The "Housing Rental Regulations" encourage families to rent out their properties and support enterprises in repurposing old buildings for rental use, which is expected to increase the supply of rental housing [4][6] - The report notes that the total area of unsold commercial housing has decreased for five consecutive months, but inventory levels remain high, indicating ongoing pressure to reduce stock [10] Demand Side - In July, the sales area and sales amount of commercial housing decreased by 8.40% and 14.08% year-on-year, respectively, with significant month-on-month declines [9] - The report indicates that the rental market is becoming more attractive to investors, with rental yields approaching the rates of five-year fixed deposits, leading to increased interest from institutional investors [6][12] Market Trends - The report observes that new home prices have shown signs of stabilization, while the second-hand housing market is experiencing a decline in transaction volume [8][11] - The introduction of supportive policies by local governments, such as optimizing housing purchase restrictions and increasing loan support, is expected to help stabilize the market [9][10]