According to a report from China Index Academy, in April 2026, as seasonal effects gradually subsided, rental demand in most key cities cooled, leading to a slight decrease in the average residential rent across 50 cities. However, core cities such as Beijing, Shanghai, and Shenzhen continued to experience rising rents.
Based on the China Index 50 City Residential Rental Price Index, the average residential rent across 50 cities in China stood at 33.98 yuan per square meter per month in April, marking a month-on-month decline of 0.05%. In March, rents had increased by 0.09% month-on-month. Year-on-year, rents fell by 3.38% in April, with the rate of decline narrowing by 0.27 percentage points compared to March.
Statistics from China Index Academy show that in April 2026, the cumulative number of operational units among the top 30 centralized long-term rental apartment enterprises reached 1.457 million, a decrease of 3,000 units from March. Specifically, some private long-term rental enterprises continued to close stores operating under the "leased management" model. Meanwhile, local state-owned enterprises maintained growth in operational scale, increasing their share among the top 30 to 27%. Shouchuang Heyuan entered the ranking this month.
In terms of management scale, the cumulative number of managed units among the top 30 centralized long-term rental apartment enterprises was 2.032 million in April 2026, down by 15,000 units from March. This change in scale was primarily influenced by the contraction of store networks under the leased management model of some private brands.
**Market Performance**
**1. Overall Rents: Average Residential Rent in 50 Cities Declined 0.05% Month-on-Month and 3.38% Year-on-Year in April**
In April 2026, as seasonal effects gradually subsided, rental demand in most key cities cooled, leading to a slight decrease in the average residential rent across 50 cities. However, core cities such as Beijing, Shanghai, and Shenzhen continued to experience rising rents.
Based on the China Index 50 City Residential Rental Price Index, the average residential rent across 50 cities in China stood at 33.98 yuan per square meter per month in April, marking a month-on-month decline of 0.05%. In March, rents had increased by 0.09% month-on-month. Year-on-year, rents fell by 3.38% in April, with the rate of decline narrowing by 0.27 percentage points compared to March.
**2. Rents in Key Cities: Core Cities Like Beijing, Shanghai, and Shenzhen Continue to See Rent Increases**
In April 2026, the number of cities with month-on-month increases in average residential rents was 9, a decrease of 14 from March. Specifically, Shanghai recorded the largest increase at 0.55%. Four cities, including Beijing and Shenzhen, saw increases between 0.1% and 0.3%. Four other cities, such as Dongguan and Taiyuan, experienced increases below 0.1%.
In April, the average residential rent in Yinchuan remained flat month-on-month, with the number of such cities increasing by one compared to March.
In April 2026, the number of cities with month-on-month declines in average residential rents was 40, an increase of 13 from March. Specifically, nine cities, including Beihai and Xiamen, saw declines exceeding 0.5%, with Beihai recording the largest drop at 0.92%. Thirteen cities, such as Wuhan and Chengdu, experienced declines between 0.3% (inclusive) and 0.5%. Nine cities, including Nanjing and Xi'an, saw declines between 0.1% and 0.3%. Another nine cities, such as Hangzhou and Suzhou, had declines below 0.1%.
**Public Rental Housing REITs Report Structural Revenue Growth in Q1 2026, Some Projects Stabilize Occupancy Rates Through Price Adjustments**
In April 2026, various public rental housing REITs disclosed their first-quarter reports. Overall, the operations of public rental housing REITs remained stable in the first quarter.
At the fund revenue level, driven by structural factors, the overall income of public rental housing REITs achieved both year-on-year and quarter-on-quarter growth in the first quarter. Specifically, thanks to the completion of capital raising and consolidation by China AMC Beijing Public Rental Housing REIT and China AMC-Huarun Youchao REIT, the overall income of public rental housing REITs exceeded 200 million yuan in the first quarter of 2026, showing growth both year-on-year and quarter-on-quarter.
Among the remaining public rental housing REITs that did not raise capital, only CICC Xiamen Anju REIT achieved slight year-on-year and quarter-on-quarter income growth. Other REITs exhibited a trend of "year-on-year growth but quarter-on-quarter decline," primarily influenced by fluctuations in the occupancy rates of underlying assets and adjustments in rental pricing.
At the underlying asset operation level, the average occupancy rates of various public rental housing REITs remained high, with some projects stabilizing occupancy rates by moderately reducing rents. Specifically, by the end of the first quarter of 2026, the average occupancy rates of the underlying assets for all public rental housing REITs remained above 90%, highlighting operational resilience.
In comparison, the underlying projects of China AMC Beijing Public Rental Housing REIT, Hongtu Innovation Shenzhen Anju REIT, and CICC Xiamen Anju REIT maintained stable or slightly increased rents, with occupancy rates slightly lower than the same period last year. In contrast, the underlying projects of China AMC-Huarun Youchao REIT, Guotai Haitong Cheng Tou Kuanti REIT, and China Merchants Fund Shekou Rental Housing REIT saw slight decreases in rents, with their average occupancy rates increasing compared to the same period last year.
Against the backdrop of continuously increasing new supply in the long-term rental market and persistently high tenant price sensitivity, some market-oriented public rental housing projects have adopted a strategy of stabilizing volume through price adjustments. By flexibly adjusting rents to adapt to market conditions, these projects maintain occupancy rates and operational stability.