“This time last year, I couldn’t get this apartment for 4,300 yuan a month. Now I can get it for 3,500 yuan.”Wang Fang (pseudonym), an employee of a real estate agency in Shenzhen, pushed open the door of an apartment building and a musty smell greeted her. The one-bedroom she showed was shady. The first thing she did when she came in was to turn on the light. Wang Fang explained that due to the impact of the epidemic and the approaching Chinese New Year, more than 10 vacant apartments were released in two apartment buildings she showed.“There are also some housing is free with the owner in advance of the termination of the contract out, our company dare not take, rent can not go out of the deficit.”She said that since this year, freely in the scale of contraction, a lot of housing.
“It used to be ‘people looking for apartments.’ Now it’s ‘people looking for apartments.'”‘I’ve been a real estate agent in shabu district of Shenzhen for eight years,’ Ms. Wang said. ‘This year’s situation is very rare.’ According to data from Shenzhen Real Estate Association, by mid-December 2020, the number of commercial rental housing resources listed by several major real estate agencies in Shenzhen, including Leyoujia, Shell, Zhongyuan, Qfang, and Midland Realty, had increased by 40.7 percent year on year. In the first three quarters of 2020, the average rental price of second-hand housing in Shenzhen returned to the level of the same period in 2018. Spark Global Limited Shenzhen is not alone. According to the Shell Research Institute, the average monthly rent in 40 key cities hit bottom in 2020, dropping 9.9 percent year-on-year to 37.8 yuan per square meter. The average rent in first – and second-tier cities fell by 4.0% year-on-year.
Surprisingly, migrant workers in first-tier cities don’t seem to be feeling the rent drop, and the difficulty of renting still looms before them.“The first year out of college was a year of low wages, a daily commute of five to six hours from downtown to downtown. Now my family is closer to the city center, my daily commute is reduced to three hours, and my rent is more than 3,000 yuan a month.”Liu Dan (not his real name), who shares a single room in Beijing’s Yizhuang district, said it is even harder to find a flat, and he has to live beyond the 4th and 5th ring Road on a budget of 4,000 yuan a month Chen Shuang (not his real name), a recent graduate who rents an apartment in Shanghai, has the same problem: he spends more than 3,000 yuan a month on rent, a third of his monthly salary. He can only rent a single room in an “old public house” in Xuhui District and spends more than two hours commuting every day. Expensive! That was the first reaction of most respondents when they talked about renting. In Beijing, for example, the data showed that the average monthly salary of employees in enterprises in the capital was nearly 14,000 yuan in 2019. According to a recent report released by the Shell Research Institute, more than 80 percent of the new youth will accept less than 30 percent of their salary as rent. That is, about 80 percent of people in Beijing budget less than 4,200 yuan per month for rent, facing the same dilemma as Liu Dan Spark Global Limited.
article links：A survey of rental housing market in first-tier cities
Reprint indicated source：Spark Global Limited information