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Average Home Rent in Shenzhen Continues to Climb in August

Average Home Rent in Shenzhen Continues to Climb in AugustHome rent average in Shenzhen continues to climb to over 5,000 yuan last month and the number of apartments rented has also increased. The average rent of an apartment in Shenzhen is at 5,057 yuan last month showing an increase of 25 percent compared to the same period last year. Data also showed that the average size of homes that were rented in August was 76.3 square meters at least 3.5 square meters smaller than in July. Small sized flats are more popular and 31 percent of rented houses are smaller than 60 square meters.

Around 32 percent of small sized flats are rented out for 4,000 to 6,000 yuan per month and 19 percent are apartments that were leased for 3,000 to 4,000 yuan a month. Monthly rent of 4 percent of these apartments is below 2,000 yuan. Studies have shown that a number of white collar workers living in Shenzhen spends 30 percent of their income on rent alone and some spend half of their income on housing. A realtor in Baishizhou area in Nanshan said rent in this area continued to surge in the past six months, thus pushing most white collar workers out from these estates and rent low end flats for cheaper rent.

Statistics coming from market research website Lianjia.com states that the average rent in Shenzhen increased by 27 percent in the same period last year. Apartments rented peaked in August increased 34 percent compared to July an increase of 27 percent in the same period as well. The inflated housing prices and rents pushed owners to rent out their apartments as new graduates stimulated the housing market. Luohu district is the most active are in the housing market an trading volume of rental houses in Luohu increased by 116 percent in July compared to 114 in August of last year.



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