10月8日，据克而瑞地产研究中心发布的报告显示，克而瑞长租不完全统计的数据显示，2025年三季度全国22个重点城市的集中式长租公寓市 场共计约132个新项目入市，新增房源数量约为5.71万套（间），相较2024年Q3同比增长约55%。 其中保租房供应40966套/间，占比约72%，同比上涨约53%；市场化项目供应16126套/间，占比约28%，同比上涨约3%。 截至2025年三季度，核心八城（北京、上海、广州、深圳、南京、杭州、武汉、成都）集中式公寓规模约143.13万套，其中保租房66.57万 套，占比约47%，"市场化 保租房"双轨格局成型。 在国家及地方政府持续强化住房租赁政策支持的背景下，地方国企走上台前。 数据显示，截至2025年年中，国企系企业在住房租赁市场TOP30企业中的市场份额占比已突破15%。尤为值得注意的是，其市场份额的同比 与环比涨幅基本均领先于房企系及资管系企业，标志着住房租赁市场头部格局正加速向国企主导方向演进。 根据克而瑞长租监测，近两年位居TOP30的国企系企业年度规模增长均在6万套以上，规模加速扩张态势明显。 2025年三季度，地方国企围绕保障性租赁住房的筹集、建设与运营，展 ...

9月30日，建信住房租赁基金持有型不动产资产支持专项计划（简称"建信长租"ABS）在上交所完成首 次扩募，成为市场首单持有型不动产ABS扩募项目，标志着持有型不动产ABS发挥资产上市平台功能迈 出了关键一步，为专业资产管理机构利用该产品开展资产收并购、打造"募投管退"闭环提供了重要范 本，也吸引更多社会资本参与到住房租赁市场中来，助力探索房地产发展新模式。 "建信长租"ABS去年7月2日设立，发起人建信住房租赁基金（简称"建信住租"）是国内租赁住房领域资 产管理机构，计划管理人为中金公司（601995），首期产品规模为11.7亿元。本次扩募以南京两个保租 房项目作为底层资产，扩募募集规模4.53亿元，累计认购金额27.28亿元，认购倍数7.8倍，参与投资机 构包括银行理财、券商、保险、资管机构等多元化投资人。扩募完成后，"建信长租"总规模16.23亿 元。 持有型不动产ABS从创设到落地、从首发到扩募的过程，提振了市场信心和投资人预期。今年以来，主 流投资者对持有型不动产ABS这类创新的权益型产品认知及共识逐步加深。在市场机制不断明确、交易 活跃度进一步提升的背景下，本次扩募让持有型不动产ABS迸发出了更加旺 ...

租房不再是年轻人的过渡选择，而是一种主流生活方式。 "在北京工作了6年，我搬了6次家。"陈女士的经历是许多大城市打拼者的缩影。如今她选择长期租房，生活趋于安稳。在一二线热点城市，租房已成为许多 人青睐的居住方式。 这种选择背后，是中国城市住房正经历的从"增量扩张"向"存量优化"的历史性转变。随着常住人口城镇化率突破66%、城镇常住人口达9.3亿人，全国租房人 口已近2.6亿人。 01 租房时代，大城市的居住新选择 四大一线城市（北京、上海、广州、深圳）租房人口占比已突破50%，宣告着"半城租房"时代的到来。这一数据打破了"租房是年轻人过渡选择"的固有认 知。 城镇化进程加速推动人口向大城市聚集。预计到2030年，中国租赁人口规模将达到3.5亿人，占城镇人口比例突破40%。这一趋势在知识经济时代尤为明 显，城市间的竞争本质上是人才的竞争。 对于广大青年人、新市民而言，能否以合理成本有尊严地在城市安顿下来，是他们"用脚投票"决定去留的关键。租房已成为城市吸引和留住人才的"第一道 门槛"。 住房租赁市场的发展，不仅关乎群众的幸福感和获得感，更直接影响着城市的人力资本积累和创新活力。 02 观念转变，从"有房才有家" ...

Core Insights - The housing rental industry is experiencing a solidification of scale levels, with leading companies showing significant differences in growth rates and operational performance [2][6]. Industry Overview - As of September 2025, 30 sample housing rental companies have opened over 1.5 million units, with a median of 26,400 units per company, indicating that most brands are still in small-scale operations [5]. - State-owned enterprises like China Resources and Poly have opened 399,800 units, accounting for 25.8% of the total, leveraging policy resources and cost advantages to excel in the rental housing sector [5][6]. Company Performance - Major rental companies such as Vanke and Longfor have reported varying degrees of growth in their operational scales, with increases ranging from 2.4% to 18.2% compared to the end of the previous year [5][6]. - Vanke's rental business reported a half-year revenue of 1.8 billion yuan, a 4% increase year-on-year, while Longfor's revenue was 1.24 billion yuan, reflecting a 5.3% decline [9]. Revenue Trends - Among the monitored sample companies, 67% achieved year-on-year revenue growth, with increases ranging from 3.3% to 138% [8]. - The rental income of companies varies significantly, from 0.5 million yuan to 2.7 billion yuan, highlighting disparities in development [8]. Operational Metrics - Companies like Vanke and Longfor maintain high occupancy rates above 90%, indicating robust operational performance [6]. - The average daily room rate has increased by 1%, contributing to a 5% rise in average revenue per room [10]. New Projects and Market Dynamics - During the reporting period, 22 new rental projects were launched, showing a slight decrease from the previous period, but the supply side remains strong [11]. - The new projects are concentrated in first-tier cities, which account for 36.4% of total projects, driven by strong rental demand and supportive policies [14]. Strategic Partnerships - Vanke has successfully partnered with state-owned enterprises to expand its project portfolio, exemplified by the recent launch of a project in Jinan with 2,252 units [15][16]. - This collaboration model addresses the operational challenges faced by state-owned enterprises while providing rental companies with low-risk expansion opportunities [16].

Core Viewpoint - The implementation of the "Housing Rental Regulations" marks a significant step from concept to institutional practice regarding "equal rights for renting and purchasing" in China's housing market [2][22]. Group 1: Overview of the Housing Rental Regulations - The "Housing Rental Regulations," effective from September 15, 2025, consists of 7 chapters and 50 articles, establishing a comprehensive regulatory framework for the rental market [2]. - The regulations aim to address key issues in the rental market, including prohibiting the separate rental of kitchens and balconies, enforcing deposit refund rules, and mandating verification of housing sources [2][4]. Group 2: Impact on Landlords - The new regulations impose mandatory standards for rental properties, such as prohibiting the separate rental of non-residential spaces like kitchens and balconies, which may reduce the number of available rental units [7][9]. - The regulations introduce a "government-guided price" for rent increases, which could lead to long-term impacts on the supply of rental housing [10]. - Landlords are required to sign rental contracts under real names and register them with property management departments, potentially increasing their compliance costs and concerns about tax implications [8][10]. Group 3: Impact on Tenants - Tenants' rights to privacy and security are legally protected, preventing landlords from entering rental properties without consent [16][22]. - Tenants can enjoy local public services by registering their rental contracts, which supports the concept of "equal rights for renting and purchasing" [17][22]. - The regulations may not lead to immediate economic benefits for tenants, as the reduction in available rental units and increased landlord costs could drive up rental prices in the future [11][22]. Group 4: Broader Implications - The regulations could pave the way for reforms in household registration and social welfare systems, creating a framework for "equal rights for renting and purchasing" [2][22]. - The trend of long-term renting is expected to grow, with predictions indicating that over 260 million people in China may choose to rent in the future [21][22].

Group 1 - The core viewpoint of the article is that the newly implemented Housing Rental Regulations in China aim to create a comprehensive regulatory framework for the rental market, addressing key issues and pain points within the sector [1][5][20] - The regulations include strict standards for rental properties, such as prohibiting the separate rental of non-living spaces like kitchens and balconies, which may lead to a decrease in available rental units [11][14] - The introduction of government-guided rental prices is a form of price control that could impact the supply of rental housing in the long term [12][15] Group 2 - The regulations enhance tenant rights by legally protecting their privacy and ensuring that landlords cannot enter rental properties without consent, which is a significant improvement for tenant security [21][27] - Tenants can now enjoy local public services through contract registration, which aligns with the concept of "equal rights for renters and buyers" [22][27] - The article suggests that the trend of long-term renting is becoming more viable in China, with predictions indicating that over 260 million people may choose to rent in the future [26][29]

Group 1: Education and Employment - During the "14th Five-Year Plan" period, Wuhan will establish 202 primary and secondary schools and 304 public kindergartens, adding 353,000 new student places [1] - A total of 1.19 million new urban jobs were created, maintaining overall employment stability, with 1.498 million new college graduates finding employment or starting businesses [1] Group 2: Healthcare - Over the past five years, the number of tertiary hospitals in Wuhan increased from 61 to 85, ensuring that residents can access medical services within 15 minutes in urban areas [2] - The average life expectancy in Wuhan rose from 80.57 years to 83.56 years, with major health indicators ranking among the best in the country [2] Group 3: Social Welfare and Housing - Wuhan has built a comprehensive network of 3,740 various types of elderly care facilities, expanding home care services to 37 projects, serving 11 million people annually [2] - The city has established 236,700 affordable rental housing units, achieving 95% of the "14th Five-Year Plan" target of 250,000 units [2] Group 4: Medical Insurance - Over the past five years, Wuhan provided medical insurance benefits to 432 million people, with reimbursement rates for employee and resident insurance remaining stable at around 80% and 70% respectively [3] - The average financial subsidy for residents' medical insurance increased from 580 yuan to 700 yuan [3]

《办法》明确，三亚鼓励和支持新建、改造、改建等多种合法模式筹集保障性租赁住房。其中，新 建的保障性租赁住房项目，主要以建筑面积不超过70平方米的小户型为主，适当筹集、建设少量三居 室、四居室房源，满足多元化住房租赁需求;项目建筑面积应不少于2000平方米或30套(间)，且项目中的 小户型要占到70%以上。 《办法》指出，保障性租赁住房合同期限一般应在1年以上，最长不超过3年。申请人需要符合的条 件包括：已与三亚市就业单位签订超过12个月的劳动合同且已缴纳6个月社保或个税;在三亚市无自有住 房或者住房面积低于上年度本市城镇人均住房建筑面积50%等。 保障性租赁住房租金实行政府指导价，租金最高不得超过同地段同品质市场租赁住房租金的90%， 租金年增幅不得高于5%。家庭年均可支配收入低于三亚市上年度城镇居民可支配收入2倍的人群，在满 足保障性租赁住房申请条件的前提下，可按不超过同地段同品质市场租赁住房租金的70%收取。 海南日报三亚9月21日电(海南日报全媒体记者 刘杰)9月21日，海南日报全媒体记者获悉，《三亚 市发展保障性租赁住房实施办法》(以下简称《办法》)将于10月18日起正式施行，旨在解决新市民、青 年人 ...

Group 1 - The implementation of the Housing Rental Regulations marks a significant step towards a more standardized, transparent, and quality-driven rental market in Wuhan [1][2][5] - Rental companies, such as LianTou and Ziroom, express positive feedback regarding the new regulations, indicating a commitment to comply with the requirements and enhance service quality [2][3] - The regulations clarify the rights and obligations of all parties involved in the rental process, establishing a legal framework that promotes the rule of law and standardization in the housing rental market [5] Group 2 - Young renters report improved experiences, with better transparency in rental prices and quality, as the regulations help eliminate misleading listings [2] - The regulations encourage long-term rental solutions, addressing issues such as children's education, thereby promoting a more stable rental environment for families [2] - The regulations also impose stricter requirements on the authenticity of housing information and the responsibilities of industry professionals, enhancing overall market integrity [5]

Core Viewpoint - The REITs market, particularly for rental housing, is experiencing a period of adjustment due to economic pressures, but the performance of rental housing REITs remains stable, supported by consistent occupancy rates and rental income [1][2]. Financial Performance - In the first half of 2025, Huazhong Youchao REIT reported revenues of 39.29 million yuan, a slight decrease of 0.07% year-on-year, while net profit increased by 38.67% to 5.78 million yuan, and EBITDA rose by 4.84% to 25.79 million yuan [3][5]. - The fund's distributable amount for the period was 24.34 million yuan, down 0.3% year-on-year, with an actual distribution of 24.42 million yuan, indicating a positive short-term return performance [3][4]. Market Context - The public REITs market for rental housing is expanding, with new listings and ongoing fundraising efforts, reflecting a robust demand supported by policy initiatives [2][6]. - The rental housing REITs have reached a total of eight listings, indicating a growing market presence [2]. Asset Management - The underlying assets of Huazhong Youchao REIT include the Youchao Sijing project and the Youchao Eastern Economic Development Zone project, both of which are located in Shanghai and have shown improved occupancy rates [6][7]. - The overall occupancy rate for the underlying projects increased by 1.75 percentage points to 95.87%, while the average rental price per square meter per day decreased by 2.26% to 2.16 yuan [6][7]. Competitive Landscape - New competitive projects have emerged in the vicinity of the underlying assets, but they have not significantly impacted the operational performance of Huazhong Youchao REIT [9]. - The company is actively managing its commercial leasing strategy to enhance community services and maintain high rental collection rates, which stood at 99.80% [8][9].