Core Viewpoint - The rental market in major Chinese cities is experiencing a significant increase in supply of personal rental properties, leading to a downward trend in rental prices, with expectations of continued price reductions in the coming months [2][3][9]. Supply Dynamics - In July, the number of personal rental properties listed in 55 cities reached a peak of 618,000 units, marking a year-on-year increase of 12.19% and a month-on-month increase of 7.03% [4][6]. - Beijing led the supply with nearly 85,000 new listings, followed by Shanghai with over 45,000 and Shenyang with over 35,000 [6]. - 32 out of 55 cities saw an increase in personal rental listings, with Beijing experiencing a significant rise of over 48% [6]. Rental Price Trends - The average rental price for personal properties in July was 31.65 yuan per square meter per month, reflecting a month-on-month decrease of 3.52% and a continuous decline for 11 months [9][12]. - The rental prices have been under pressure due to increased competition from institutional rentals and a shift in consumer behavior towards cost-cutting [9][12]. - In July, 47 out of 55 cities reported a year-on-year decline in rental prices, with Shanghai experiencing a drop of 11.78% [12]. Future Outlook - The rental market is expected to enter a traditional off-peak season, with further price reductions anticipated in August, projected to be within 3% [15]. - The ongoing supply of rental properties, particularly from the "guaranteed rental" sector, is expected to maintain downward pressure on rental prices through 2025-2026 [17].