Core Viewpoint - The article discusses the rise of asset management-style housing rental services, where landlords entrust their properties to intermediaries for unified management, leading to improved living and service standards, but also raising concerns about the redistribution of interests among intermediaries, landlords, and tenants [2][4]. Summary by Sections Asset Management Rental Services - Asset management-style rental services involve landlords handing over their properties to intermediaries for management, including renting, collecting rent, maintenance, and operations [2][4]. - This model has gained traction among many intermediary companies, enhancing living standards but also sparking debates over the interests of landlords and tenants being overlooked [2]. Cost Comparison - A case study shows that renting a managed property costs 21.38 million yuan over three years compared to 19.98 million yuan for direct rental, indicating that direct rentals are cheaper but managed properties offer better management and services [4]. Intermediary Benefits - For intermediaries, the asset management business provides stable income and transforms scattered properties into operational assets, allowing for additional revenue from financial, home decoration, and housekeeping services [7]. Landlord and Tenant Perspectives - Landlords transition from being mere property owners to asset owners, reducing risks associated with vacancy and management tasks [7]. - Tenants benefit from higher service standards, reduced disputes with landlords, and conveniences like cleaning and maintenance services [8]. Challenges in the Market - Issues arise such as limited visibility for direct rentals, reduced viewing frequency for direct rental properties, and fewer options for landlords who wish to rent out their properties quickly [8]. - Many landlords still rely on professional intermediaries due to the complexities of self-renting [8]. Industry Trends - The revenue structure of intermediary companies is shifting, with rental service income rising significantly; for example, Beike's rental service revenue reached 21.8% by mid-2025 [10]. - Companies like I Love My Home report that asset management is their largest revenue source, indicating a trend towards stable income through property management rather than traditional brokerage [10]. Future Considerations - The article suggests that the current issues in the asset management rental sector are temporary and will improve as companies enhance their asset management capabilities [11]. - There is a need for better financial oversight in the management of tenant deposits, as the accumulation of funds can pose risks if management companies fail [12].

Core Insights - The article discusses the rise of asset management-style housing rental services in Beijing, highlighting the shift in roles for landlords and tenants, and the implications for real estate agencies [1][5]. Group 1: Rental Models - The asset management model allows landlords to delegate property management to agencies, which handle leasing, rent collection, and maintenance, while tenants benefit from standardized services and reduced disputes [1][5]. - A comparison of costs shows that renting through an agency (5400 RMB/month) is more expensive than direct renting (5400 RMB/month plus a 10% service fee), with total costs for three years being 213,800 RMB for managed properties versus 199,800 RMB for direct rentals [2][3]. Group 2: Market Dynamics - Major real estate agencies like Beike and Wo Ai Wo Jia are expanding their managed rental offerings, with Beike increasing its managed properties from 290,000 to 590,000 units, and Wo Ai Wo Jia managing approximately 320,000 units, a 9% year-on-year increase [3][6]. - The shift in revenue structure for these agencies indicates a growing reliance on rental services, with Beike's rental service revenue reaching 21.8% of total income by mid-2025, while Wo Ai Wo Jia's asset management accounted for nearly 48% of its revenue [6]. Group 3: Challenges and Concerns - Issues arise from the prioritization of managed properties over direct rentals, leading to reduced visibility and fewer showings for direct rentals, which some landlords perceive as a bias from agencies [5][6]. - The article highlights potential risks associated with the management of tenant deposits, as the accumulation of funds could pose significant risks if a management agency fails [7].