张波从平台视角提出，合规与效率是行业重构的基石。随着《住房租赁条例》实施，企业需通过技术手 段落实房源实勘、信息真实性等要求。"法规落地后，淘汰的是不规范的企业，留下的是真正关注用户 需求的企业，" 张波说，"条例倒逼企业合规升级，房源真实性管理、资金安全监管未来行业将更趋规 范，政策支持也会逐步完善。" 在资产价值层面，戴德梁行估价及顾问服务部副董事董一凡指出，公募REITs的推出改变了估值逻辑， 现金流稳定性成为核心指标。"土地期限与续期政策的不确定性是当前主要瓶颈，"他分析道，"未来需 通过运营效率提升与服务增值，增强资产退出时的市场认可度。" 新京报贝壳财经讯 （记者段文平）随着《住房租赁条例》施行已经一个多月，政策红利逐步释放，市 场秩序进一步规范，租赁行业迎来新一轮发展契机。 "更快、更敏感地关注用户需求的变化，尤其是在租赁方面的变化，才能在未来的房地产租赁市场重构 中占领更多先机。" 58安居客研究院院长张波在10月22日举办的"重构居住关系-新租住时代"城市共生计 划主题沙龙上分享时强调。 华润有巢副总经理孙雪鹏指出，租客需求的变化体现在两方面：一是服务升级，二是产品结构调 整。"存量项目改造 ...

Core Insights - The housing rental market in China is entering a new development phase driven by policy changes, particularly with the implementation of the Housing Rental Regulations, which has been in effect for over a month [2][3] - The new regulations aim to address prominent issues in the rental market, such as "formaldehyde houses" and "group rentals," establishing clear behavioral norms and legal responsibilities for all parties involved [3][4] - The rental market is experiencing a structural transformation, with a shift from a focus on scale expansion to quality operation, as rental demand increases while home-buying demand decreases [5][6] Policy and Regulation - The Housing Rental Regulations, effective from September 15, 2023, focus on regulating the rental market and promoting high-quality development, supporting the establishment of a dual rental and purchase housing system [3][4] - The regulations have led to a modern regulatory framework centered on credit supervision and multi-department collaboration, enhancing the market's operational standards [3][4] Market Supply and Demand - As of Q3 2025, the monitored supply of rental housing in 16 cities reached approximately 69,365 units, with a notable increase in affordable rental housing, which accounted for 69.6% of the new supply [3] - The average monthly rent for institutional management projects in these cities was 2,549.45 yuan, reflecting a 9.14% decrease from the previous quarter [3] Structural Changes - The rental market is undergoing significant structural changes, with a notable increase in the supply of affordable rental housing and a growing emphasis on quality and service [5][6] - Despite the increase in affordable housing, there remains a mismatch in supply and demand, with 24 million affordable units built but only 7 million occupied [5][6] User Demand and Industry Transformation - The new rental era emphasizes a user-centered approach, with diverse demand driving a comprehensive restructuring of product design and service systems [7][8] - Companies are focusing on service upgrades and product structure adjustments to meet evolving tenant needs, with an emphasis on quality and spatial design [7][8] Financial and Operational Strategies - Financial support policies are being implemented to expand market supply, including the introduction of market-oriented rental housing as a new asset type for investment [4] - Companies are exploring cost restructuring and innovative models to enhance operational efficiency and service value, addressing profit pressures in the current market environment [8]

Core Insights - The new rental era is driven by the dual forces of diversified housing demand and policy-market dynamics [3][6] - The implementation of the Housing Rental Regulations has led to a more structured and compliant rental market, presenting new development opportunities [3][6] Policy and Market Changes - The transformation in supply-demand dynamics is central to industry change, with increased financial support for affordable rental housing leading to enhanced supply and quality [6] - The actual number of mobile populations was significantly underestimated, with the 2020 census revealing 376 million, 140 million more than previous estimates, highlighting a hidden demand in the rental market [6] - There is a notable mismatch in supply and demand, with 24 million affordable rental units built but only 7 million occupied, while brand long-term apartments have a high occupancy rate in first-tier cities [6] User Demand and Industry Reconstruction - The shift in user demand is driving a comprehensive restructuring of the industry from product-focused to service-oriented [10][13] - The need for service upgrades and product structure adjustments is evident, with new projects requiring a focus on quality and spatial design [10] - Companies are encouraged to balance economic and social value, transitioning from landlords to micro-city operators [10][13] Asset Value and Operational Efficiency - The introduction of public REITs has altered valuation logic, emphasizing cash flow stability as a core metric [11] - Companies are exploring cost restructuring and innovative models to mitigate profit pressures, including digital management and energy-saving technologies [11][12] - The consensus among industry experts is that operational efficiency, user demand, and ecological co-construction are key to achieving a restructured housing relationship and urban symbiosis [13]

Core Insights - The rental market is entering a rational adjustment phase as housing prices decline, leading to a more cautious approach to home buying and a focus on enhancing rental product diversity and quality [1] - The implementation of the Housing Rental Regulations on September 15 has accelerated market changes by strengthening regulation and standardizing market behavior, pushing companies to innovate in product offerings, processes, and community services [1] Market Dynamics - The changing supply-demand relationship is identified as the core reason for market shifts, with a significant underestimation of the floating population, which reached 376 million according to the 2020 census, 140 million more than previous estimates [2] - There is a notable mismatch in supply and demand, with 24 million affordable rental units built but only 7 million occupied, while brand long-term rental apartments have a management scale of about 3 million units with over 85% occupancy in first-tier cities [2] - The demand side is also changing, with smaller households leading to lower space requirements and millions of families facing issues of inadequate housing space and outdated facilities [2] Industry Adjustments - Long-term rental companies are exploring service upgrades and product structure adjustments in response to changing tenant needs, focusing on quality and space design for new projects [3] - Companies are seeking to reduce operational and construction costs through digital management, policy support, and partnerships with investors, while also applying energy-saving technologies and value-added services to counter profit pressures [3] - The new rental era emphasizes user needs, driving a comprehensive restructuring of products and services, with companies needing to balance economic and social value in their operations [3] Investment Opportunities - The introduction of public REITs provides an alternative investment path for long-term rental apartments, shifting valuation logic towards cash flow stability as a core indicator [4] - The current industry restructuring highlights that success is no longer solely based on scale, but rather on operational efficiency, user demand, and ecosystem co-construction [4] - A systematic approach and refined services are essential for reconstructing living relationships and promoting urban symbiosis, making rental living a significant lifestyle choice rather than a temporary solution [4]

从泥沙俱下到稳步向前，长租公寓行业走出了一条蜕变之路。站在《住房租赁条例》实施的当下，长租 公寓行业再次迎来新一轮发展契机，政策红利逐步释放，市场秩序有望进一步规范，从而驱动行业向好 发展。 重构租住新时代 在住房和城乡建设部房地产市场监管司原司长、中国房地产业协会副会长兼秘书长张其光看来，新租住 时代的"新"主要体现在：住房租赁市场客群的变化、市场对租赁房源品质要求更高，服务需求更强劲、 以及"租售比"逐渐均衡给住房租赁市场带来的发展前景。 供需关系的转变是行业变革的核心。58安居客研究院研究总监韦谢在主题沙龙上发表《新租住时代的行 业趋势与市场机遇》主题分享，深入剖析当前租赁市场结构性变化时表示，供需错配问题依然突出，需 求端的变化同样显著。 他进一步指出，全国尚有数千万户家庭面临住房面积不足、设施老旧等问题；人口结构升级则带来了长 期改善性需求。"产业工人、服务人员等群体若转化为专业技术人员，将释放巨大租赁需求。2030年城 镇化率预计提升至70%，还将带动四千万人进城。" 品牌长租公寓在管规模约300万套，一线城市出租率超85%，供需相对平衡；而个人房源市场却呈现"供 不应求"与"租金下降"并存的矛盾 ...