Group 1: National Rental Market Overview - The rental market sentiment index for 40 cities in China was 72.4 in August, showing a slight decrease compared to the previous month as the summer graduation rental peak season comes to an end [1] - The number of new rental listings decreased by 3% month-on-month, indicating a slight reduction in supply activity [1] - Online rental demand decreased by 7% month-on-month, influenced by the concentrated release of demand during the graduation season [1] Group 2: Key Cities Rental Yield Performance - In July, the rental yield in 10 key cities showed a year-on-year increase, primarily due to falling property prices in most cities [3] - Beijing's rental yield reached 2.2%, while Guangzhou's was 2.3%, both driven by declining property prices [3] - Chengdu and Chongqing exhibited strong rental yields of 3.2% and 3.4%, respectively, also influenced by property price declines [3] Group 3: Rental Price Trends - The average rental price across 40 cities was approximately 43.3 yuan per square meter per month in August, reflecting a slight month-on-month decrease of 1.3% [6] - Most cities experienced a minor decline in rental prices post-graduation season, with 21 cities showing a drop of less than 2% [6] - Major cities like Beijing and Shenzhen saw rental prices decrease by 1.8% and 2.7%, respectively [7] Group 4: Supply and Demand Conditions - The number of new rental listings in August decreased by 3% month-on-month, with only 14 cities seeing an increase in new listings [8] - In first-tier cities, Shanghai and Shenzhen experienced significant declines in new listings, down 8% and 13%, respectively [8] - Online rental demand heat decreased across major cities, with Shenzhen and Guangzhou seeing drops of 7% and 10% [8] Group 5: Rental Listing Cycle - The average rental listing cycle remained stable at approximately 40.6 days in August, with some cities experiencing increased pressure on rental turnover [13] - Cities like Shanghai and Guangzhou saw a slight decrease in listing cycles, while Shenzhen's cycle increased by 2.1 days [13] - There is notable differentiation in rental pressure among cities, with some cities experiencing a reduction in listing cycles while others saw increases [13]