Core Viewpoint - The average rent for landlords in 55 key cities in China has been declining for 11 consecutive months, with Shanghai experiencing the most significant drop [1][6]. Rental Market Trends - In Shanghai, the average rent for personal housing has decreased by 11.78% year-on-year, with some landlords reporting a drop of nearly one-third from peak rental prices [2][6]. - The rental market is under pressure due to the increasing supply of high-quality affordable rental housing projects, which are impacting the personal rental market [2][6]. Supply and Demand Dynamics - The supply of personal rental listings has reached a three-year high, with a total of 618,000 new listings expected by July 2025, marking a year-on-year increase of 12.19% [7]. - Over 60% of the 55 cities have seen a month-on-month decline in personal rental prices, with most decreases being within 3% [9]. Impact on Landlords - Landlords are facing challenges as rental prices continue to decline, leading to a shift in their mindset regarding pricing strategies [9]. - Some landlords express a preference to leave properties vacant rather than significantly reduce rents, indicating a reluctance to accept lower rental prices [9]. Future Outlook - The next two years are expected to see a surge in the supply of affordable rental housing, which may further exert downward pressure on rental prices in the personal housing market [6].