Core Insights - The article discusses the rise of asset management-style housing rental services in Beijing, highlighting the shift in roles for landlords and tenants, and the implications for real estate agencies [1][5]. Group 1: Rental Models - The asset management model allows landlords to delegate property management to agencies, which handle leasing, rent collection, and maintenance, while tenants benefit from standardized services and reduced disputes [1][5]. - A comparison of costs shows that renting through an agency (5400 RMB/month) is more expensive than direct renting (5400 RMB/month plus a 10% service fee), with total costs for three years being 213,800 RMB for managed properties versus 199,800 RMB for direct rentals [2][3]. Group 2: Market Dynamics - Major real estate agencies like Beike and Wo Ai Wo Jia are expanding their managed rental offerings, with Beike increasing its managed properties from 290,000 to 590,000 units, and Wo Ai Wo Jia managing approximately 320,000 units, a 9% year-on-year increase [3][6]. - The shift in revenue structure for these agencies indicates a growing reliance on rental services, with Beike's rental service revenue reaching 21.8% of total income by mid-2025, while Wo Ai Wo Jia's asset management accounted for nearly 48% of its revenue [6]. Group 3: Challenges and Concerns - Issues arise from the prioritization of managed properties over direct rentals, leading to reduced visibility and fewer showings for direct rentals, which some landlords perceive as a bias from agencies [5][6]. - The article highlights potential risks associated with the management of tenant deposits, as the accumulation of funds could pose significant risks if a management agency fails [7].