RH-CN-2025

China Rental Housing Market: Five-Year Evolution and 16-City Review, 2021–2025

中國住房租賃市場：五年演進與重點16城觀察（2021—2025）

National and 16-city rental housing market research, 2021–2025: Executive Summary and Key Metrics; Scope and Methodology; Policy Evolution and Implications; 16-City Comparative Overview; Transactions, Financing and REITs; Outlook, Recommendations and Conclusions.

Key findings

1. At year-end 2025, the 16 monitored cities contained about 1.662 million units, with Shanghai alone accounting for about 438,200 monitored units.
2. The five-year dashboard shows growth from 456,200 units in 10 cities in 2021 to 1.662 million units in 16 cities in 2025, a c.+264% change on published reporting bases.
3. Young professional apartments and rental communities together account for over 90% of the 2025 monitored stock across 16 cities.
4. Beijing ranks first in rent efficiency at RMB 4.90/sq m/day, while Xiamen ranks first in occupancy at 94.5% in 2025.
5. Annual transaction value in 2025 reached approximately RMB15.3bn, with Shanghai and Beijing combined accounting for 67.0% of transacted area.
6. By year-end 2025, eight public rental-housing REITs had listed, including Xiamen Anju REIT reporting 99.7% occupancy and distributable cash of RMB59.52m.

What's inside

1. Executive Summary and Key Metrics04—13
2. Scope and Methodology14—19
3. Policy Evolution and Implications20—41
4. 16-City Comparative Overview42—50
5. Transactions, Financing and REITs51—69
6. Outlook, Recommendations and Conclusions70—80

Who it is for

• institutional investors evaluating rental housing assets
• real estate developers focusing on build-to-rent projects
• asset managers seeking REIT investment opportunities
• government agencies overseeing housing policy implementation