Core Viewpoint - The article discusses the challenges faced by subletting landlords (二房东) in major cities, highlighting the impact of market fluctuations on their business models and the psychological dynamics of tenant negotiations [3][4][14]. Group 1: Market Conditions - The rental market has seen a decline, with many tenants negotiating lower rents due to economic pressures, leading to increased vacancy rates for subletting landlords [4][8]. - Subletting landlords are experiencing significant financial losses, with some reporting daily losses of hundreds due to vacant properties [3][26]. - The trend of graduates and workers leaving major cities has resulted in higher vacancy rates for "n+1" housing models, which are designed to accommodate multiple tenants in a single unit [15][14]. Group 2: Tenant Negotiations - Negotiations between tenants and subletting landlords have become a psychological battle, with tenants leveraging their financial difficulties to negotiate lower rents [5][10]. - Subletting landlords are adapting their strategies, sometimes accepting lower rents or flexible payment terms to reduce vacancy rates [8][10]. - The relationship between subletting landlords and tenants is increasingly transactional, with both parties aware of the market's instability [12][22]. Group 3: Business Strategies - Many subletting landlords are forced to reconsider their business models, with some opting to reduce their property portfolios or change their rental strategies to adapt to the current market [17][18]. - The article highlights the shift from a previously profitable model to one where landlords are struggling to maintain profitability, with some landlords resorting to loans to cover shortfalls [17][26]. - Innovative strategies, such as offering short-term rentals or reducing deposits, are being employed to attract tenants in a competitive market [8][12]. Group 4: Industry Dynamics - The relationship between subletting landlords and real estate agents has shifted, with agents now holding more power in negotiations due to the high vacancy rates [22][24]. - The emergence of training programs for new subletting landlords indicates a response to the changing market, as experienced landlords share strategies to navigate the current challenges [28][32]. - The article notes that the subletting industry is evolving, with some landlords exploring luxury rentals as a new revenue stream, despite the associated risks [31][32].