Middle Finger Research Institute: The average residential rent in 50 cities in April fell slightly, with core cities like Beijing, Shanghai, and Shenzhen continuing to see an upward trend in rent.

The China Real Estate Research Institute stated in a document that in April 2026, as seasonal effects gradually diminished, the demand for rental housing in most key cities decreased, and the average rent for residential properties in 50 cities dropped slightly. However, core cities such as Beijing, Shanghai, and Shenzhen continued to see rent increases. According to the China Real Estate Index System, the average rent for residential properties in 50 cities in April was 33.98 yuan per square meter per month, a decrease of 0.05% from the previous month, compared to an increase of 0.09% in March. Year-on-year, the rent decreased by 3.38%, a decrease of 0.27 percentage points from March. According to the China Real Estate Research Institute, in April 2026, the total number of units opened by the TOP 30 centralized long-term rental apartment companies was 1.457 million, a decrease of 0.3 thousand from March. Specifically, some private long-term rental companies continued to close "packaged lease" model stores; local state-owned enterprises continued to open new stores, with their share of the opening scale in the TOP 30 increasing to 27%, and some new entries were listed this month. In terms of managed scale, according to the China Real Estate Research Institute, in April 2026, the cumulative managed housing units by the TOP 30 centralized long-term rental apartment companies was 2.032 million, a decrease of 1.5 thousand from March, with the scale change mainly due to the shrinkage of some privately-owned brands' store layouts with packaged lease models. Market operation 1. Overall rent: In April, the average rent for residential properties in 50 cities dropped by 0.05% month-on-month and decreased by 3.38% year-on-year. In April 2026, as seasonal effects gradually diminished, the demand for rental housing in most key cities decreased, resulting in a slight drop in the average rent for residential properties in 50 cities. However, core cities such as Beijing, Shanghai, and Shenzhen continued to see rent increases. According to the China Real Estate Index System, the average rent for residential properties in 50 cities in April was 33.98 yuan per square meter per month, a decrease of 0.05% from the previous month, compared to an increase of 0.09% in March. Year-on-year, the rent decreased by 3.38%, a decrease of 0.27 percentage points from March. 2. Rent in key cities: Core cities such as Beijing, Shanghai, and Shenzhen continued to see rent increases. In April 2026, the number of cities where the average rent for residential properties increased month-on-month was 9, a decrease of 14 from March. Specifically, Shanghai saw the largest increase at 0.55%; Beijing, Shenzhen, and 4 other cities saw increases between 0.1% and 0.3%; Dongguan, Taiyuan, and 4 other cities saw increases of less than 0.1%. In April, Yinchuan saw no change in the average rent for residential properties compared to the previous month, with 1 more city seeing no change compared to March. In April 2026, the number of cities where the average rent for residential properties decreased month-on-month was 40, an increase of 13 from March. Specifically, 9 cities including Beihai and Xiamen saw a decrease of more than 0.5%, with Beihai seeing the largest decrease of 0.92%; 13 cities including Wuhan and Chengdu saw decreases between 0.3% and 0.5%; 9 cities including Nanjing and Xi'an saw decreases between 0.1% and 0.3%; and 9 cities including Hangzhou and Suzhou saw decreases of less than 0.1%. In the first quarter of 2026, there was a structural growth in the income of rental property REITs, and some projects stabilized their rental rates by adjusting rents moderately. In April 2026, various rental property REITs released their first-quarter reports. Overall, the operation of rental property REITs in the first quarter was relatively stable. On the revenue front, driven by structural factors, rental property REITs saw growth in both their overall income and month-on-month comparison in the first quarter. Specifically, with the completion of fundraising and inclusion in the portfolios of Huaxia Beijing Affordable Housing REIT and Huaxia Fund China Resources Youchao REIT, the overall income of rental property REITs in the first quarter of 2026 exceeded 200 million yuan, an increase both month-on-month and year-on-year. Among the unreleased rental property REITs, only Zhongjin Xiamen Anju REIT saw a slight increase in income compared to the previous month, with other REITs showing a trend of "year-on-year growth, month-on-month decline," mainly due to fluctuations in rental rates and adjustments in rent pricing for underlying assets. On the operational front of underlying assets, the average occupancy rate of rental property REITs remained high, with some projects stabilizing their occupancy rates by moderately lowering rents. Specifically, at the end of the first quarter of 2026, the average occupancy rate of underlying assets for rental property REITs remained above 90%, highlighting the operational resilience. In comparison, Huaxia Beijing Affordable Housing REIT, Red Clay Innovation Shenzhen Anju REIT, and Zhongjin Xiamen Anju REIT maintained stable or slightly increased rents for their underlying projects, with a slight decrease in occupancy rates compared to the same period last year; while Huaxia Fund China Resources Youchao REIT, Guotai Haitong City Investment Kuanting REIT, and China Merchants Fund Shekou Leased Housing REIT saw a slight decrease in rents for their underlying projects, with average occupancy rates slightly higher than the same period last year. With continued increase in the supply of the long-term rental market, price sensitivity among tenants remains high. In this context, some market-driven rental property projects are adopting a strategy of stabilizing quantity with price adjustments, adapting to market conditions to maintain project occupancy rates and operational stability.