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Home renting up as costs deter buying
By Cao Qian |
March 6, 2010, Saturday
|
Print Edition
Print Edition
HOME renting activities in Shanghai rose in February because buyers were put off by high apartment prices and also on a recovery in demand as migrant workers returned after the Spring Festival holiday, the city's largest property agency said.
Across the city, the volume of rentals, by units, rose one fifth month on month, with most deals, 24 percent of the city's total, concluded in Pudong New Area, 10 percent in Baoshan District and 9 percent in Minhang District, according to Shanghai Centaline Property Consultants Ltd, operator of more than 180 branches.
However, different areas recorded a mixed picture for rents with the city's average shedding 11 percent from January to 36.90 yuan (US$5.40) per square meter per month in February.
"Shanghai's overall leasing market rebounded last month because more people temporarily gave up their plans to buy homes and rented apartments instead amid record high housing prices," said Ma Ji, a senior research manager at Shanghai Centaline.
"Moreover, migrant workers returning to the city also helped boost demand."
Rent cuts by some owners of high-end properties and more renting deals involving mid-to-low class apartments contributed to the drop in average rent last month, according to the company's research.
The average price of new homes, excluding those designated for relocated residents under urban redevelopment plans, remained at a high of 19,696 yuan per square meter in the city in February, according to latest industry statistics.
Across the city, the volume of rentals, by units, rose one fifth month on month, with most deals, 24 percent of the city's total, concluded in Pudong New Area, 10 percent in Baoshan District and 9 percent in Minhang District, according to Shanghai Centaline Property Consultants Ltd, operator of more than 180 branches.
However, different areas recorded a mixed picture for rents with the city's average shedding 11 percent from January to 36.90 yuan (US$5.40) per square meter per month in February.
"Shanghai's overall leasing market rebounded last month because more people temporarily gave up their plans to buy homes and rented apartments instead amid record high housing prices," said Ma Ji, a senior research manager at Shanghai Centaline.
"Moreover, migrant workers returning to the city also helped boost demand."
Rent cuts by some owners of high-end properties and more renting deals involving mid-to-low class apartments contributed to the drop in average rent last month, according to the company's research.
The average price of new homes, excluding those designated for relocated residents under urban redevelopment plans, remained at a high of 19,696 yuan per square meter in the city in February, according to latest industry statistics.
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