Overall Trends - Chengdu has become a core city for rental housing in China, driven by the strong economic development of the Chengyu Economic Circle and a large floating population [1] - The city has implemented over 30 rental-related policies since 2020, focusing on affordable housing and regulatory frameworks [1][3] - The current phase emphasizes the collection of affordable housing, with clear guidelines for application and allocation [1] Affordable Housing Collection - Chengdu aims to build 300,000 units of affordable rental housing during the 14th Five-Year Plan, with a completion rate of 70% as of the end of 2024 [3] - The primary methods for affordable housing include the renovation of existing properties and the construction of new units [3] Centralized Supply - By mid-2025, affordable rental housing will account for approximately 46% of the city's overall rental market, ranking second among major cities [5] - The market is expected to continue growing, with over 12,000 new affordable units added in the first half of 2025 [5] New Product Launches - New projects are predominantly affordable housing, with a focus on one-bedroom apartments ranging from 30 to 60 square meters [7][10] - Major local state-owned enterprises are leading the new market entries, with several large-scale rental communities being developed [7][10] Personal Rental Supply - Chengdu sees an annual average of about 210,000 rental listings, placing it at the median level among core first- and second-tier cities [16] - The total number of rental listings in the first half of 2025 was approximately 130,000, indicating a competitive market environment [16] Supply Structure - Personal rental listings dominate the supply, with institutional sources accounting for over 30% of the market, the highest among second-tier cities [18] - The institutionalization rate in Chengdu is 8.2%, lower than in Shanghai and Beijing [18] Rental Price Performance - The average rent for centralized apartments is 69.67 yuan per square meter per month, reflecting a 5.7% year-on-year decline, while personal rental prices decreased by 2.7% [21] - The government mandates that affordable housing rents be set at 90% of the surrounding market rates, with actual rents often lower than the government guidelines [21] Regional Rental Price Variation - Rental prices vary significantly across districts, with core areas showing stronger resilience against price declines [23] - Areas like Wuhou District and Tianfu New Area have the highest rental prices, while New Du District has the lowest [23] Competitive Landscape - Nearly half of the top 30 rental companies in China have entered the Chengdu market, intensifying competition [29] - The market concentration of brand enterprises has decreased from 91.1% in 2021 to 77.8% currently, indicating a diversification of market players [29] National Enterprise Participation - Over 15 state-owned brands have entered the rental market in Chengdu, with a total opening scale exceeding 30,000 units [31] - The participation of state-owned enterprises is notably high in central and western cities [31] Demand Forecast - The rental market in Chengdu is projected to exceed 60 billion yuan by 2028, supported by a strong population base and industrial growth [42] - The city has a significant number of floating populations and college graduates, which are key drivers for rental demand [42] Rental Price Outlook - While the supply of affordable housing is expected to rise, the impact on rental prices is anticipated to be limited, with rents likely to stabilize or slightly decline [44] - The completion rate of affordable housing in Chengdu is around 70%, which is lower than in other major cities, helping to mitigate potential market shocks [44]