Study Shows Professionals Pressured in Renting Homes due to Rent Increase

Study Shows Professionals Pressured in Renting Homes due to Rent IncreaseDuring a recent study by the Centaline Property has shown that professionals living in Shenzhen are now facing pressure as areas especially those in those white collar populations are facing an increase in rental costs. These places are in Houhai Bay in Nanshan, Futian CBD and Diwang in Louhu.

The average price of rent in Futian CBD is at 91 yuan per square meter a month, which is higher, compared to other places in the district. Rentals in other popular location in Futian such as Jingtian, Zhuzilin, Huanggang and Xinzhou only averages 37 yuan per square meter in monthly rent. These areas are also seeing record highs in popularity in potential homebuyers due to its proximity to commercial and office centers in Futian, Chegongmiao and Huaqiangbei.

Average home occupancy are of 28 square meters per person, this means an unmarried professional living alone needs a monthly salary of 8,500 yuan at least to spend which is no more than a third of the income on rent.

Meanwhile home rentals in Diwang, Guomao and Dongmen the three popular locations in Luohu averaged around 66 yuan per square meter in 2013, an increase of 2.3 percent from 2012. Nevertheless an unmarried still needs to make 6,600 yuan a month to pay for rent in a decent apartment. Some white collar workers are looking for rental apartments in outlying areas that have good access to public transit.

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