According to intelligence sources, Opinion Index released the "August 2025 Housing Rental Development Report." In July 2025, the average residential rental price across 50 cities (including Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, Chengdu, Wuhan, and other cities) was 31.94 yuan per square meter per month, showing both month-over-month and year-over-year declines of -1.51% and -4.42%, respectively. These dual declines indicate insufficient support from current market demand.

Data shows that the traditional graduation season rental peak effect did not materialize, with rental levels continuing their downward trend and market recovery facing obstacles. The current rental market has entered a phase of trading price for volume, with rental prices expected to maintain low-level fluctuations until the end of the third quarter. Non-core cities and suburban properties may face greater downward pricing pressure. Long-term, rental trends in key cities will depend more heavily on fundamental economic improvements and substantial demand-side recovery.

**Housing Rental Regulations to Take Effect in September, Short-term Rental Adjustments Continue in Key Cities**

On July 21, the Housing Rental Regulations were announced to take effect from September 15, 2025, establishing rigid constraints for the housing rental industry and clearly indicating pathways for high-quality development. The regulations lay a solid foundation for the long-term development of the housing rental industry. By standardizing market order and protecting the rights of both landlords and tenants, they create a favorable market environment expected to attract more long-term capital into the housing rental market.

The regulations encourage landlords and tenants to establish stable housing rental relationships in accordance with the law, helping to cultivate long-term, stable rental market demand. As market supply and demand continue to optimize, the housing rental industry will gradually form a healthy, sustainable market ecosystem, playing an increasingly important role in addressing residents' housing needs and promoting urban development.

**New Project Openings Achieve Modest Growth, Rental Companies Explore B2B Service Growth Opportunities**

Regarding new project openings, according to incomplete statistics, sample companies recorded 24 new rental residential projects opening during the period, showing modest growth compared to the previous reporting period, with continued release of vitality on the supply side of the housing rental market.

Multiple rental companies including Poly Woyou, Binjiang Warm House, Chenyu, Fangyu Apartments, Hengtai Star Residences, LehO Apartments, Lingyu, Longfor Guanyu, Meiyu, Ningchao, Rongtong Rongyu, Vanke Park Apartments, Bairui Ji, Ascott, and Youchao Apartments unveiled new projects, with sample companies continuing to increase investment in the housing rental market. Among these, Xiaomi Beijing Youth Apartments became the largest-scale project of this period with 2,658 units.

According to sources, Xiaomi Beijing Youth Apartments, which officially opened on July 30, is a quality residential community created by Xiaomi Group with full-cycle operational management services provided by Park Apartments, specifically designed for young employees. As a vehicle for talent strategy, Xiaomi Youth Apartments addresses employee pain points of long commutes and difficulty finding rental housing through customized services, while achieving efficient implementation of employee benefits at low management costs, becoming an invisible benefit for Xiaomi to attract and retain young talent.

Compared to traditional C2C scattered rental business, corporate customization services offer advantages including stable lease terms, predictable cash flow, and low asset vacancy rates. Housing rental companies can accumulate industry customization experience and further expand service boundaries, driving industry advancement from fragmented rental to large-scale, professional asset operations.

With increasing attention from technology and internet companies on talent housing security, and the Housing Rental Regulations' requirements for standardized operations, rental companies with system integration capabilities, standardized service systems, and scenario operation experience will hold clear advantages in the B2B market.

**Rental Housing REITs Maintain High Occupancy Rates, Building Credit Rental ABS Expansion Approved**

Regarding public REITs, in July 2025, all 8 listed rental housing REITs disclosed their second quarter 2025 performance reports. Data shows that the 8 rental housing REITs had quarterly fund revenues ranging from 13.76 million yuan to 45.65 million yuan, with total combined revenue of 180 million yuan and total net profit of 53.6 million yuan.

Guotai Junan Chengtou Kuanting Rental Housing REIT ranked first in both quarterly revenue and net profit, primarily benefiting from high rental resilience and scale advantages of Shanghai core location assets. In terms of distribution rate performance, Huatai Zijin Suzhou Hengtai Rental Housing REIT and Guotai Junan Chengtou Kuanting REIT had the highest current distribution rates, showing strong current dividend intentions.

Regarding underlying asset operations, as of the end of the second quarter 2025, the 21 underlying asset projects of the 8 rental housing REITs had occupancy rates ranging from 88.69% to 99.68% based on leased area, with an overall average occupancy rate of 95.43%. More than half of the projects maintained occupancy rates above 95%, with underlying asset operations remaining at high levels. Most projects also maintained high collection rates, solidifying revenue foundations.

Data indicates that rental housing REITs continue to demonstrate stable operational characteristics, with underlying project operational resilience expected to persist.

In secondary market performance, on August 19, all 8 listed rental housing REITs declined. Over the past month, rental housing REIT prices have shown significant corrections, with Huatian Shanghai Real Estate Rental Housing REIT, CICC Xiamen Anju REIT, and Huatai Suzhou Hengtai Rental Housing REIT all declining by over 10%.

Data shows overall poor performance in the rental housing REITs market, with short-term corrections possibly influenced by policy, interest rates, or industry cycles. However, this does not change the long-term potential of the REITs market. Quality assets in core cities will continue to attract long-term capital allocation based on rental resilience and dividend capacity, while the cash flow release rhythm of expansion assets will become a key observation point.

Beyond public REITs, housing rental hold-type real estate ABS expansion has also seen new developments. On August 8, the Building Credit Housing Rental Fund Hold-type Real Estate ABS (2024 First Expansion and New Rental Housing Project Purchase) was approved by the Shanghai Stock Exchange, with a project acceptance date of December 31, 2024. This bond variety is ABS, jointly initiated by Building Credit Housing Rental Fund and Jianrong Anju (Beijing) Equity Investment Fund, with a planned total issuance of 600 million yuan. The special plan reserves continuous expansion space, with Building Credit Housing Rental Fund having prepared over 20 projects to support future asset injection.