Shenzhen Home Rent Reaches Record High in August

9/15/2015

Image: baidu.com

Shenzhen

The average home rent in Shenzhen continued climbing last month to over 5,000 yuan (US$781), while the number of apartments rented was also at a year high.

The average rent of apartments in Shenzhen was 5,057 yuan per month last month, an increase of 25 percent over the same period of last year.

The data also shows that the average size of homes rented in August was 76.3 square meters, 3.5 square meters smaller than that in July. Small-sized flats are increasingly popular, while 31 percent of rental houses were smaller than 60 square meters.

Thirty-two percent of flats were rented out for 4,000 to 6,000 yuan per month and 19 percent of apartments were leased for 3,000 to 4,000 yuan per month, while the monthly rent of 4 percent of apartments was below 2,000 yuan.

A large number of white-collar workers in Shenzhen spend about 30 percent of their income on rent, while some of them spend half of their income on housing.

“My landlord has raised the rent from 2,500 yuan to 3,500 yuan since June,” said a woman, surnamed Dong, who shares an apartment with her colleague in Nanshan District. Dong earns 7,000 yuan per month.

A realtor, surnamed Gao, said rent in the Baishizhou area in Nanshan has continued surging in the past half year. “Many white-collar workers have moved out from these estates to low-end flats for cheaper rents,” Gao said.

According to statistics from the market research website Lianjia.com, the average home rent in Shenzhen climbed to 66.26 yuan per square meter in August.

The number of apartments rented peaked in August, an increase of 34 percent compared with July and by an increase of 27 percent over the same period last year.

The spokesperson of a real estate agency said the inflated housing prices and rents have encouraged owners to rent out their apartments, while the new graduates have stimulated the market.

Data from a real estate agency shows that Luohu District has become the most active area of the market, as the trading volume of rental homes in Luohu District soared by 116 percent over July and by 114 percent compared with August last year.

Shenzhen Daily

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