中指研究院最新发布的2025年11月住房租赁行业数据显示，国内集中式长租公寓头部企业规模持续扩 容，TOP 30企业开业及管理房源量均实现环比增长。与此同时，受行业传统淡季影响，全国50城住宅 平均租金延续环比下跌态势，市场供需格局呈现结构性分化。 在企业规模方面，头部企业的引领作用愈发凸显。截至11月30日，TOP 30集中式长租公寓企业累计开 业房源量达140.9万间，较10月增加0.2万间。万科泊寓以20.4万间的开业规模稳居榜首，龙湖冠寓以12.7 万间位列第二，瓴寓国际、魔方生活服务集团等企业紧随其后，开业规模均超过8万间。值得注意的 是，琴乐寓首次跻身开业规模TOP 30榜单，以15082间的开业量占据第30位，而瓴寓国际等老牌企业凭 借新项目落地，开业规模实现进一步增长。 管理规模的扩张势头更为明显。11月TOP 30企业累计管理房源量达200.7万间，较10月增加2万间，增幅 高于开业规模。榜单头部格局相对稳定，万科泊寓仍以28.39万间的管理规模领跑行业，龙湖冠寓（16.4 万间）、美寓（15.0356万间）分列二三位。管理规模的增长主要得益于企业的资产整合与项目拓展， 美寓、联投新青年、浦 ...

Core Insights - The report from the China Index Academy indicates that by October 2025, the total number of opened rental units among the top 30 housing rental companies in China will reach 1.407 million, with a management scale of 1.977 million units [1][7] - The rental market is entering a traditional off-season, with the average residential rent in 50 key cities decreasing by 0.49% month-on-month and 3.63% year-on-year, reaching 34.57 yuan per square meter per month [1][25] Company Rankings - The top 30 companies by opened scale include: - Vanke Boyu: 205,728 units - Longfor Guanyu: 127,000 units - Meiyu: 140,468 units in management scale [2][5][7] - The management scale rankings show Vanke Boyu leading with 280,800 units, followed by Longfor Guanyu with 164,000 units [5][6] Market Dynamics - In October, several rental projects were launched, including public rental housing and talent apartments, with significant contributions from local state-owned enterprises and specialized rental operators [8] - The rental market is experiencing a decline in demand, leading to a broader decrease in rental prices across major cities [25][26] Business Expansion - Vanke Boyu signed a cooperation agreement with Shenzhen Metro Group to introduce high-end rental apartments in the Qianhai area [10][11] - New brands in the rental market include "Ji Yu" by Guangdian City Service Group and "Le Yang" by Xi'an Anju, indicating a trend towards brand diversification [13] Financing Trends - The issuance of rental ABS (Asset-Backed Securities) is gaining traction, with successful projects from Wuhan Hongshan Guotou and Jin Yang Investment Group [14] Policy Developments - The Ministry of Housing and Urban-Rural Development emphasizes the need to optimize the supply of affordable housing and regulate the rental market, focusing on various demographic needs [16] - Local governments are implementing policies to support the conversion of idle properties into rental housing, particularly in cities like Shanghai and Shenzhen [17][18] Rental Supply - In the past five years, Ningxia has allocated over 172,000 public rental housing units, while Chongqing has built 583,000 public rental units [21][23] - The overall transaction of residential land in 22 key cities reached 129 plots, with a focus on integrating rental housing into urban planning [29][30]

Group 1 - The era of rapidly rising housing prices has ended, with a shift towards a more rational market where price appreciation is based on value rather than scarcity [3][5] - Future housing prices are likely to stabilize with some areas experiencing slow declines, while core locations and properties with good amenities will still hold value [5][9] - The market is transitioning from a focus on new homes to a competitive environment for second-hand homes, leading to increased buyer leverage [7][9] Group 2 - Young people's attitudes towards homeownership have changed, with many now viewing renting as a viable lifestyle choice rather than a temporary solution [10][13] - The rental market is expected to mature, with more stable rental conditions and better tenant protections, making it an attractive option for those not looking to buy [11][13] - Population movement is increasingly influencing property values, with demand concentrated in first and strong second-tier cities, while lower-tier cities struggle [15][17] Group 3 - The real estate market is becoming more localized, with property values reflecting the economic vitality and population trends of specific cities [15][17] - The ability to identify valuable properties will depend on understanding local market dynamics and demographic trends, rather than just price [19]

Core Insights - The report highlights the growth and distribution of the top 30 centralized long-term rental apartment companies in China, with a total of 1.398 million operational units as of September 2025, indicating a competitive landscape among various types of enterprises [1][4]. Summary by Category Operational Scale - The top 30 companies include 11 housing rental enterprises, 10 local state-owned enterprises, 4 entrepreneurial firms, 3 hotel-related companies, 1 intermediary, and 1 financial company. Housing rental enterprises dominate with a 46% share of the total operational scale [1][2]. - The operational scale distribution is as follows: - Housing Enterprises: 11 companies, 647,000 units, 37% of companies, 46% of operational scale - Local State-Owned Enterprises: 10 companies, 305,000 units, 33% of companies, 22% of operational scale - Entrepreneurial Firms: 22,200 units, 13% of companies, 16% of operational scale - Hotel-Related Companies: 15,900 units, 10% of companies, 11% of operational scale - Intermediaries: 4,900 units, 3% of companies, 4% of operational scale - Financial Companies: 1,500 units, 3% of companies, 1% of operational scale [2][5]. Management Scale - As of September 2025, the top 30 companies manage approximately 1.98 million units, with a similar distribution of company types as in the operational scale ranking. Housing rental enterprises maintain a stronghold with nearly 50% of the management scale [4][6]. - The management scale distribution is as follows: - Housing Enterprises: 11 companies, 950,000 units, 37% of companies, 48% of management scale - Local State-Owned Enterprises: 10 companies, 449,000 units, 33% of companies, 23% of management scale - Entrepreneurial Firms: 30,900 units, 17% of companies, 16% of management scale - Hotel-Related Companies: 20,900 units, 10% of companies, 11% of management scale - Intermediaries: 6,300 units, 3% of companies, 3% of management scale [5][6]. Market Trends - The average rental price across 50 cities in September 2025 decreased by 0.39% month-on-month and 3.76% year-on-year, reflecting a decline in market activity influenced by seasonal factors [8][11]. - Among the 50 cities, only 4 cities experienced a month-on-month increase in rental prices, while 46 cities saw declines, with Xi'an recording the largest drop at 1.22% [11][8]. Land Transactions - In September 2025, 137 residential land transactions occurred across 22 key cities, with a total planned construction area exceeding 9 million square meters. Chongqing led in transaction volume [14][16]. - Among these, 6 transactions involved rental land, totaling 14,000 square meters, indicating ongoing development in the rental housing sector [14][16].

Core Insights - The report from CRIC Real Estate Research Center indicates a significant increase in the supply of long-term rental apartments in 22 key cities in China, with approximately 132 new projects and around 57,100 new units expected to enter the market by Q3 2025, representing a year-on-year growth of about 55% [1] - The supply of affordable rental housing is projected to be 40,966 units, accounting for approximately 72% of the total new supply, which is a year-on-year increase of about 53% [1] - The market for long-term rental apartments is evolving into a dual-track structure, with state-owned enterprises (SOEs) gaining a significant market share, surpassing 15% among the top 30 companies in the housing rental market by mid-2025 [4] Market Trends - By Q3 2025, the core eight cities (Beijing, Shanghai, Guangzhou, Shenzhen, Nanjing, Hangzhou, Wuhan, Chengdu) are expected to have a total of approximately 1.4313 million units of centralized apartments, with affordable rental housing making up 665,700 units, or about 47% of the total [4] - The growth of SOEs in the housing rental market is notable, with their annual scale growth exceeding 60,000 units over the past two years, indicating a clear trend of accelerated expansion [5] - Local SOEs are focusing on the collection, construction, and operation of affordable rental housing, utilizing strategies such as revitalizing idle properties into affordable rental units, which has become the mainstream model [5] Strategic Developments - Local SOEs are enhancing their brand and systematic construction capabilities while partnering with leading professional long-term rental apartment operators to compensate for their operational shortcomings [5] - The increasing support from national and local governments for housing rental policies is facilitating the rise of SOEs in the market, marking a shift towards a more SOE-dominated landscape in the housing rental sector [4]

Group 1 - The core viewpoint is that the institutionalization rate of rental housing in China is around 10%, indicating significant growth potential compared to approximately 50% in developed countries [1] - By August 2025, the top 30 centralized long-term rental apartment brands are expected to manage nearly 2 million units [1] - The recent "Housing Rental Regulations" released by the State Council in July 2025 encourages the development of long-term rental enterprises [1] Group 2 - Historical factors affecting the development of long-term rental enterprises have either disappeared or eased, such as the significant gap between rental yield and risk-free rates [1] - The competitive landscape is shifting as the number of new entrants in the long-term rental sector has decreased, leading to more rational pricing of long-term rental contracts [1][3] - Companies with strong supply chain management capabilities are expected to differentiate their service quality, with community connections and scale barriers being crucial for growth [3]

Core Insights - The long-term rental market in first-tier cities is experiencing a phenomenon of high occupancy rates alongside declining rental prices since 2025 [1][2] - The high occupancy rates, exceeding 85% in major cities, indicate strong rental demand, particularly from the "Z generation" who prefer long-term leases [2][8] - The decline in rental prices is primarily driven by the large-scale entry of affordable rental housing, which has a downward effect on overall market rents [7][11] Rental Market Overview - The occupancy rates for long-term rental apartments in Beijing, Shanghai, Shenzhen, and Guangzhou have consistently exceeded 85% [2][8] - Guangzhou leads with a 96% occupancy rate, followed by Shenzhen at 91%, Beijing at approximately 88%, and Shanghai at 85% [2][8] - Rental prices in Beijing, Shanghai, and Shenzhen have decreased by 1% to 5%, while Guangzhou saw a slight increase of 2.08% [4][11] Factors Influencing Rental Prices - The introduction of affordable rental housing has significantly impacted the average rental prices, particularly in Shanghai where new affordable units are priced about 30% lower than the market average [7][11] - Increased market competition has forced rental companies to adjust their pricing strategies, contributing to the overall decline in rental prices [7][11] City-Specific Trends - In May, Beijing had the highest rental price at 189.3 CNY per square meter, with a slight increase of 0.16% month-on-month [8] - Guangzhou had the lowest rental price at 88.5 CNY per square meter, while Shanghai's rental price decreased by over 5% compared to 2024 [4][8] - Shenzhen's rental prices have returned to 2022 levels, with a current price of 101.7 CNY per square meter, reflecting a continuous decline over three years [11] Market Evolution - The rental market is transitioning from "having a place to live" to "living well," indicating a maturation of the market [13] - This shift suggests that the long-term rental industry will enter a phase of "quality competition and precise matching" [13] - Tenants are currently in a favorable position to negotiate better rental terms, especially in non-core areas, with potential discounts of 5% to 10% [13]

Core Insights - The report highlights the growth in the scale of China's housing rental enterprises, with the top 30 companies reaching a total of 1.332 million opened units by May 2025, an increase of approximately 4,000 units from April 2025 [5][6] - The management scale of these enterprises also saw an increase, reaching 1.923 million units, up by 26,000 units from the previous month [7][8] Group 1: Opening Scale Rankings - The top three companies by opened units are Vanke Boyu with 196,600 units, Longfor Guan Yu with 123,000 units, and Magic Cube Living Service Group with 84,154 units [1][2] - The total opened units for the top 30 companies is 1.332 million, with a breakdown showing 11 housing rental enterprises, 9 local state-owned enterprises, 5 entrepreneurial companies, 3 hotel companies, 1 intermediary, and 1 financial company [5][6] Group 2: Management Scale Rankings - Vanke Boyu leads in management scale with 275,400 units, followed by Longfor Guan Yu with 164,000 units and Meiyu with 133,060 units [3][4] - The total management scale for the top 30 companies is 1.923 million units, with 11 housing rental enterprises, 9 local state-owned enterprises, 6 entrepreneurial companies, 3 hotel companies, and 1 intermediary [7][8] Group 3: Business Dynamics - In May, various projects for guaranteed rental housing and talent apartments were launched, with local state-owned enterprises being the main suppliers [9][10] - Notable projects include the talent apartment in Hainan Wenchang International Aerospace City and the West Group's rental housing project in Shanghai [9][10] Group 4: Business Expansion - Companies are actively acquiring projects to expand their business footprint, such as New Huangpu's acquisition of an office project in Beijing for 215 million yuan to be used for guaranteed housing [11][13] - Hangzhou Anju Group and Hefei Anju Group completed their first acquisitions of existing residential properties for guaranteed rental housing [11][13] Group 5: Financing Trends - The listing of Huatai Suzhou Hengtai Rental Housing REIT on the Shanghai Stock Exchange was well-received, with a significant increase in share price on the first day [14][17] - The establishment of a domestic mother fund by CapitaLand Investment aims to enhance its asset management scale in China, focusing on stable cash flow and long-term value assets [14][17] Group 6: Policy Developments - The State Administration for Market Regulation released a model rental contract to clarify key terms for urban housing rentals [18][19] - Local governments are enhancing housing rental management regulations, with Guangdong and Tianjin proposing policies to support the acquisition of existing properties for guaranteed housing [19][20]

Core Insights - The housing rental industry in China has entered a low season in April, with a slight decline in rental demand and average residential rents in key cities [1][11] - The average rental price across 50 cities is 35.2 yuan per square meter per month, reflecting a month-on-month decrease of 0.32% and a year-on-year decrease of 3.40% [11][14] - The top 30 rental companies have a cumulative management capacity of 1.897 million units, an increase of approximately 13,000 units from March [5][10] Rental Market Overview - In April 2025, the average rental price in 50 cities decreased by 0.32% month-on-month and 3.40% year-on-year [11][14] - Only 2 cities experienced a month-on-month increase in average rental prices, a significant decrease from the previous month [14] - The number of cities with declining rental prices increased to 48, with Sanya showing the largest decline at 1.10% [14][15] Company Rankings - The top 30 rental companies maintained an opening scale threshold of 14,847 units, with a total of 1.897 million units managed [1][5] - Vanke Bo Lei leads the opening scale with 197,500 units, followed by Longfor Guan Yu with 123,000 units [2][3] - The management scale of the top 30 companies includes 11 housing rental enterprises, 9 local state-owned enterprises, 6 entrepreneurial companies, 3 hotel companies, 1 intermediary, and 1 financial company [4][10] Financing Trends - The rental housing REITs market continues to progress, with new approvals and strategic partnerships being formed [11] - The first public REIT for rental housing was approved in March, and further developments are ongoing for other REITs [11] - Private REITs are also being initiated, with projects seeking to raise significant capital for rental housing investments [11]

Core Insights - The average residential rent in key cities has slightly decreased by 0.44% in Q1 2025, according to the China Index Academy [1][6] - The rental market showed fluctuations throughout the months, with a notable increase in demand post-Chinese New Year, stabilizing rents in February [1][6] Rental Trends - Over 70% of the 50 cities have rental prices between 20-40 yuan per square meter per month, with first-tier cities like Beijing, Shenzhen, and Shanghai maintaining rents above 80 yuan per square meter [3][7] - In Q1 2025, 44 out of 50 key cities experienced a decline in rental prices, with Wenzhou showing the largest drop of 2.45% [6][7] Monthly Breakdown - January saw a 0.4% decrease in average rents due to the return of migrant workers for the Spring Festival [1] - February's rental prices stabilized with a slight increase of 0.01% as demand surged post-holiday [1] - March recorded an average rent of 35.3 yuan per square meter, reflecting a 0.05% decrease month-on-month and a 3.40% decrease year-on-year [1][6] Rental Income Ratio - The rental income ratio across 50 key cities decreased to an average of 16.6% in March 2025, down 1.3 percentage points from the previous year, indicating a reduction in rental burden for residents [9][12] - Over 80% of cities have a rental income ratio below 20%, suggesting a reasonable rental burden, while cities like Shenzhen and Beijing remain above 30% [9][12] Investment Return Rates - The rental-to-price ratio in 50 cities has improved, averaging 2.15%, surpassing fixed-income products like 5-year deposits and 10-year treasury yields [11][12] - Cities such as Guiyang and Harbin have rental-to-price ratios exceeding 3%, indicating higher investment returns in these areas [11][12] Long-term Rental Market Dynamics - The long-term rental market is benefiting from rigid demand and improved industry standards, with rental adjustments being relatively stable compared to property prices [12] - The commercial sustainability of the housing rental industry is gradually enhancing, with increasing investment value in rental assets [12] Company Performance in Rental Market - As of Q1 2025, the top 30 long-term rental apartment companies have a total of 1.319 million operational units, with the threshold for entry into this list rising to 14,847 units [22][25] - The top five companies account for 42.3% of the total operational scale, indicating significant market concentration [22][25]