房地产行业市场监测：上海租赁住房市场（2023年12月）

Investment Rating - The report does not explicitly provide an investment rating for the rental housing market in Shanghai Core Insights - The rental housing market in Shanghai is experiencing a steady increase in the number of pure rental housing projects being delivered, with a total of 38 projects approved in 2023, covering an area of 1.94 million square meters [2][3] - The market is facing challenges due to a decline in demand, particularly among young people affected by economic pressures, leading to a projected downward trend in rental prices [23] Summary by Sections 1. Rental Housing Market Operation - From November to December 2023, seven pure rental housing projects received delivery permits, with a significant contribution from the Pudong New Area, which accounted for a total area of 140,633.97 square meters for the newly added Chengfang project [2][3] - The overall delivery volume of rental housing is expected to increase, with a peak delivery area of approximately 265,000 square meters in August 2023 [4] 2. Case Analysis - The "Mofang Apartment" near the Gu Tang Road subway station is highlighted for its strategic location and mid-range positioning, making it a rare offering in the Cao Lu area, which primarily features low-end projects [8][9] - The rental price for a 22 square meter loft unit in the Mofang Apartment has shown a stable trend, with a decrease of only 1%-3% over the past six months, compared to a 4%-10% decline in similar quality apartments outside the outer ring of Pudong [14][16] 3. Recent Policies and Dynamics - Recent central government meetings emphasized the need to mitigate risks in the real estate sector and promote the construction of affordable housing [18][19] - Shanghai has initiated pilot programs for rental models aimed at elderly residents, providing renovated rental units for seniors [20] 4. Summary and Outlook - The rental housing market is expected to continue facing an oversupply situation in the short term, with rental prices likely to maintain a downward trend due to the influx of new affordable housing projects and a slow recovery in the residential transaction market [23]