Core Insights - The rental market is transitioning from "wild growth" to institutional management with the implementation of the Housing Rental Regulations, yet there is a paradox where overall rents are declining while tenants struggle to find satisfactory housing [1] Group 1: Market Dynamics - The rental market is experiencing a structural transformation, moving from a "heavy management" model to a "light management" model, where platforms focus on soft decoration and maintenance rather than full renovations [2] - Average rental prices in 50 cities decreased by 1.37% year-on-year in the first half of 2025, indicating a shrinking profit margin for platforms relying on rental price differentials [2] - The trend of "de-platforming" is emerging, with landlords opting to rent directly rather than through platforms, as the number of personal rental listings in 55 cities reached 618,000 in July 2025, a 12.19% increase year-on-year [4] Group 2: Service Quality and Regulation - The new regulations impose stricter requirements on individual landlords, including the need for dedicated management personnel and accurate property information, raising the industry's entry barriers [6] - The focus is shifting from scale to service quality, with future profitability relying on aspects such as maintenance response times and tenant satisfaction [6] - The rental market's cooling does not indicate a lack of demand but rather a necessary update in operational models, emphasizing the importance of service in retaining tenants [8]