Home rental levels in Beijing and Shanghai posted slight declines in May as the Chinese economy continued to feel the impacts of the COVID-19 pandemic.
The “2020 May First-tier and New First-tier City Home Rental Trend Report” (2020年5月份一线及新一线城市租房趋势报告) released by 58.com and Anjuke on 9 June indicates that in May both Beijing and Shanghai saw modest on-month declines in their average home rental levels.
In Beijing average rent was 4592 yuan (approx. USD$650) per month, for a month-on-month decline of 2.3%, while in Shanghai average rent was 3516 yuan per month, for an on-month decline of 1.5%.
Guangzhou and Shenzhen both saw slight rises in home rental levels in May.
Average home rental was 3737 yuan per month in Shenzhen in May, for an on-month rise of 1.9%, while in Guangzhou average home rental was 2572 yuan per month, for an on-month rise of 2.6%.
In Tianjin average rent was 1649 yuan per month in May, for an on-month decline of 0.5%, while in Chengdu the reading was 1598 yuan per month, for a rise of 1.7%.
Hangzhou’s average monthly rent was 2235 yuan per month, for a rise of 1.4%, while in Changsha it was 1868 yuan per month, holding steady with April.