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].