Young choose to rent long-term rather than buy
Print Edition
AN ever-growing number of young people are switching from buying apartments to long-term rentals.
These rentals are owned or leased by real estate companies and offer various sizes of apartments with furniture and appliances.
Su Zifang, a 32-year-old professional speaker from north China鈥檚 Shanxi Province, now lives in a Link Apartment, a long-term rental apartment brand of Tianjin Housing Group, in northern Tianjin City.
Frustrated by moving six times within eight years due to the old facilities in traditional rental apartments, Su now pays 2,700 yuan (US$392) a month to rent an over 50-square-meter apartment.
鈥淭hanks to free Wi-Fi, necessary household appliances and a weekly cleaning service, I can save about 10,000 yuan a year, in favor of my career development,鈥 Su said, adding that a 24-hour service is also available to handle any problems which may arise.
With a total 228 apartments ranging from 35 to 114 square meters, Link Apartment saw its occupancy rate stand above 90 percent since its opening in September 2017, according to its Deputy General Manager Yin Wenkai.
Xu Man decided not to buy property either after she graduated from Nanjing University in east China鈥檚 Jiangsu Province.
Xu now lives in Unests International Youth Community in Shanghai, where she met her boyfriend, Samuel.
They cook together, meet friends together, read books online in the public areas, and participate in various activities organized by the community.
鈥淢any Chinese people believe owning a house gives them a sense of belonging,鈥 said Xu.
鈥淏ut I think that sense of belonging lies in the quality of life and social relations, where friends, lovers, and family members make a home.
鈥淚 don鈥檛 want to sacrifice my quality of living to buy a house.鈥
Since the Chinese government has reiterated on many occasions that 鈥渉ousing is for living, not speculation,鈥 many real estate companies have taken action.
鈥淟ong-term rental apartments are just one of our major business projects,鈥 said Mao Wenbin, general manager of Longfor Group Holdings鈥 Guangzhou branch.
Guanyu, Longfor鈥檚 long-term leasing apartment brand, had 10 projects in seven cities by the end of July 2017, said Han Shi, vice president of Longfor and CEO of Guanyu.
China Vanke, one of the country鈥檚 top property developers, offered 12,000-18,000 apartments for long-term leasing as of July in 2017.
With more favorable policies in sight, the long-term rental apartment market boasts huge potential.
As of March 2018, there have been more than 1,200 long-term rental apartment projects in China, with a total of over 2 million apartments, according to 58 Anjuke Institute.
Nearly 300 million Chinese people are expected to rent houses by 2030, creating a market value of 4.6 trillion yuan, according to a report by Guanghua School of Management with Peking University.
Liu Weimin, a researcher with the Development Research Center of the State Council, said the increasing number of migrants will generate a large rental group. 鈥淐hina鈥檚 overall leasing market still has potential for development,鈥 Liu said.
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