智通财经APP获悉，第一太平戴维斯最新报告指出，8月份香港住宅租赁市场持续保持稳健态势，主要 受返港外籍租客的新增需求及现有租户搬迁活动带动。尽管发展商积极将新落成项目转为租赁库存，核 心地段优质供应仍显紧俏，支撑租金韧性。随着季节性租赁高峰临近，市场预计第三季度需求将进一步 攀升。 8月香港住宅租赁市场呈现结构性分化，由三大类构成，各自具有不同的住宿偏好和预算水准。 外籍租客需求分化：欧洲金融业外籍人士月租预算达7-8万港元，青睐半山区大户型；印度科技专才预 算5-6万港元，偏好西半山实惠地段。 第一太平戴维斯研究及顾问咨询部董事汤卓轩表示，2025年第二季度住宅租赁市场保持稳健势头，主要 受外籍租客和租客搬迁的租住需求带动。尽管越来越多发展商将房产转为租赁库存，但核心区域优质房 源供应仍然有限，租金水平保持韧性。预计第三季度将迎来季节性租赁高峰。 第一太平戴维斯香港住宅服务部董事李宝芳指出，外籍租客与内地专业人士的需求持续多元化，推动核 心及新兴区域租赁活动。九龙西现代化住宅尤其吸引年轻家庭，而半山区高端物业供应紧张将进一步支 持租金上行空间。 搬迁需求激增：因业主卖楼而需搬迁的租客积极寻求同区替代房源， ...

Group 1: Rental Market Overview - The average rental price for commercial units in Macau for Q2 2025 is 481 MOP per square meter, a decrease of 0.8% from Q1 2025 [1] - Office units and industrial units saw quarterly declines of 1.3% (286 MOP) and 0.1% (123 MOP) respectively, while residential units experienced a slight increase of 0.2% to 139 MOP [1] - The overall decline in commercial rental prices is primarily influenced by new leases with lower rental values [1] Group 2: Regional Rental Trends - In specific districts, New Bridge and Holland Garden areas saw rental declines of 3.5% and 2.2% respectively, while the Central district experienced a rental increase of 0.5% [1] - The average rental prices for residential units in the New Port and Luhuan districts increased by 1.5% and 1.2% respectively, driven by higher rental values in new high-rise buildings [2] Group 3: Year-on-Year Comparison - Compared to the same quarter in 2024, the average rental prices for office, commercial, and industrial units decreased by 4.8%, 1.8%, and 0.9% respectively, while residential units increased by 3.0% [2]

Core Viewpoint - The article analyzes the rental price changes in residential, commercial, and office properties across 35 first- and second-tier cities in China, highlighting significant declines in rental prices compared to historical peaks and variations in rental burdens based on disposable income levels [4][23]. Residential Rent Changes - In the first half of 2025, residential rent changes across 35 cities ranged from -4.2% to 3.6% month-on-month and from -10% to 2.3% year-on-year, with historical peak comparisons showing declines between -26.4% and -1.1% [4][5]. - Cities with higher disposable income saw smaller declines in residential rent; 14 cities had disposable incomes above 60,000 yuan, with 10 of them experiencing smaller rental decreases [5][23]. - The median residential rent across the 35 cities was 25.3 yuan per square meter, with Beijing having the highest rent at 117.2 yuan, while the lowest was in Yinchuan at 15.5 yuan [8][10]. - The rental burden rate, defined as the ratio of average rent to disposable income, was below 25% in 27 cities (77% of the total), indicating a manageable housing cost for most residents [5][26]. Commercial Rent Changes - The average commercial rent across the 35 cities was 86.9 yuan per square meter, with Beijing leading at 208.9 yuan, significantly higher than residential rents [31][32]. - Month-on-month changes in commercial rents varied from -15.9% to 6.8%, with year-on-year changes ranging from -31.2% to 7.3%, indicating a substantial decline compared to historical highs [4][5]. - The commercial rent burden was notably higher than residential rent, with all cities showing commercial rents exceeding residential rents [32]. Office Rent Changes - The average office rent was 53.5 yuan per square meter, with Beijing again at the top at 145.8 yuan, while Yinchuan had the lowest at 30.5 yuan [47][48]. - Month-on-month changes in office rents ranged from -12.7% to 2.4%, and year-on-year changes varied from -19.1% to 0.1%, reflecting a downward trend in office rental prices [4][5]. - The office rental market showed a similar pattern to commercial rents, with significant declines compared to historical peaks [5][46].

Core Insights - The rental market in Shenzhen is experiencing a "cooling trend," with average rents in 50 major cities in China declining by 0.32% month-on-month in April, and a cumulative drop of 3.25% year-on-year, indicating increasing pressure on the leasing market [1][5] - Shenzhen's average rent in April was 90.77 yuan per square meter per month, reflecting a month-on-month decrease of 0.41% and a slight year-on-year decline of 0.08% [1][4] Rental Market Dynamics - The only area in Shenzhen showing an increase is Pingshan District, with an average rent of 49.02 yuan per square meter per month, up 1.37% year-on-year, signaling a potential bottoming out and rebound [2][4] - A significant portion of renters in Shenzhen are young individuals under 35, making up 69% of the rental market, with over 80% of residents choosing to rent [4][5] - Traditional core areas like Nanshan and Futian are facing deep adjustments, with Nanshan's rent at 115.31 yuan per square meter per month, down 0.97% year-on-year, and Futian's rent at 112.59 yuan, indicating a downward trend [4][5] Policy Impact - Shenzhen's government is enhancing tenant rights, with a new policy increasing the housing fund withdrawal limit for renters from 65% to 80%, providing additional financial relief [5][6] - The city plans to add 100,000 units of affordable rental housing this year, with 40% being small units under 30 square meters, targeting the needs of young renters [5][6] - The rental market is shifting towards a model where affordable transit-oriented housing becomes a stable asset, emphasizing the importance of aligning rental prices with market demand [5][6]