RH-SH-2025

Shanghai Rental Housing Market: 2021–2025 Evolution and 2025 Review

上海住房租賃市場：2021—2025年演進與2025年深度觀察

Shanghai rental housing market research, 2021–2025: Executive Summary, Research Scope and EILT Model; Policy evolution and operating impact; Market Scale and Product Supply; Rent, Occupancy and Demand Anchors; Capital Markets, Risks and Recommendations.

Key findings

1. Monitored supply reached about 438,200 units in 2025, up by roughly 115,700 from 2024.
2. Rental communities accounted for about 203,300 units, or 46.4%, while young professional apartments contributed about 171,800 units, or 39.2%, together representing 85.6% of monitored supply.
3. EILT Levels 2 and 3 contained about 330,800 units, or 75.5% of citywide supply.
4. Average rent was RMB 3.93 per sq m per day in 2025 and occupancy was 85.2%.
5. HOTEL STRATEGY estimates that signed but unopened projects and land reserves could add about 300,800 units.
6. The 2025 annual plan targeted 70,000 new or mobilised subsidised rental units and rooms, moving the 14th Five-Year total towards 600,000.

What's inside

1. Executive Summary, Research Scope and EILT Model04—07
2. Policy evolution and operating impact08—17
3. Market Scale and Product Supply18—33
4. Rent, Occupancy and Demand Anchors34—46
5. Capital Markets, Risks and Recommendations47—51

Who it is for

• Institutional investors evaluating Shanghai rental housing entry
• Real estate developers planning rental housing projects in Shanghai
• Asset managers structuring rental housing REITs
• Policy analysts tracking Shanghai housing regulation