May 2026 Asia (China) Long-Term Rental Apartment Development Report
Overview of the Long - term Rental Apartment Market in Asia (China) in May
01 Global Apartment Market Development Trends
In May, according to the monitoring data of the Asia Tourism and Accommodation Big Data Research Institute, the global rental market as a whole continued to rise, but the growth rate slowed down significantly compared with the same period last year. The market has entered a stage of moderate growth in the post - pandemic era. The average annual growth of global high - quality residential rents is expected to be 1.8%, lower than in previous years.
In the United States, the rental market is in a period of bottom - building and differentiation after the "new housing peak". According to Zillow ZORI data, the typical adjusted rent index across the United States in May was $1,930. The "tenant market" was significant - about 39.8% of rented properties offered discounts, reaching a new high in recent springs. In Providence, rents increased by 5% year - on - year to $2,154, and only 12.9% of properties offered concessions, making it the hottest market before the summer of 2026. In New York, the rent in the metropolitan area was $3,406, a 4.5% year - on - year increase; in the five boroughs, due to a 26 - month consecutive decline in inventory, the median rent reached $4,120, a record high; in the Bay Area, San Jose led the monthly growth across the United States with a 1.2% month - on - month increase; San Francisco had an 8.4% year - on - year increase, the highest among key cities in terms of annual growth.
In Italy, as the summer tourist season approaches, the pressure of short - term rentals on long - term rentals continues. In May, the national average rent reached a record high of €14.55 per square meter per month, a slight 0.4% month - on - month increase and a 2.32% year - on - year increase. The performance of different cities varied significantly: in Milan, the average rent was €22.23 per square meter per month, a slight 1.5% year - on - year decrease, still the most expensive in the country; in Rome, the demand remained strong, with an average rent of €18.52 per square meter per month, a 2.7% year - on - year increase, making it one of the most eye - catching core cities in May; in Bologna, supported by the demand from universities, the rent remained stable, with an average of €16.67 per square meter per month, a slight 2.5% year - on - year adjustment, still the third - highest in Italy, and student apartments in the core urban area were in short supply.
In the United Kingdom, the rental market entered the traditional peak season. The national average rent (new leases) was £1,340 per month, a 1.1% month - on - month increase and a 2.5% year - on - year increase; excluding London, it was £1,146 per month, a 1.0% month - on - month increase and a 2.0% year - on - year increase. It is worth noting that on May 1st in England, the "no - fault eviction" clause (Section 21) was officially abolished, and both the supply and demand sides of the market are adapting to the new regulations, leading to short - term inventory games. In Manchester, the average rent was £1,098 per month, a 0.6% month - on - month increase and a 2.9% year - on - year increase. As the most popular rental investment destination outside London in the UK, it performed steadily; in Birmingham, the average rent was £1,051 per month, a 0.8% month - on - month increase and a 2.7% year - on - year increase. Driven by economic recovery and the expectation of the HS2 high - speed railway, the rental demand remained strong, making it the preferred alternative for remote workers and employees of multinational companies outside London.
02 Asia - Pacific Rental Market Development Trends
In Australia, rents are rising rapidly. The continuous over - expectation of net overseas migration, combined with high interest rates, labor shortages, and soaring construction costs, have led to a serious lag in new housing supply, further intensifying the supply - demand contradiction. In May, the typical residential rent in Australia increased by 0.6% month - on - month, and the upward trend remained strong. In Sydney, rents are the highest in Australia, and affordability has reached its limit. The median weekly rent for detached houses is about A$869, and for apartments, it is about A$775 - 792; in Melbourne, the cost - effectiveness of rents is prominent, with a comprehensive median weekly rent of about A$580 - 620. The influx of international students and interstate migrants provides solid support for apartment rentals; in Perth, it is the hottest rental market in Australia, with a comprehensive median weekly rent of about A$680 - 730, and the annual rent increase is as high as 9.0% (the annual housing price increase is 26.0%). Driven by the strong resource - based economy in Western Australia, the local rental inventory is in serious shortage, and tenants still face fierce competition for rentals.
In Singapore, the rent of private apartments has been slightly adjusted at a high level, and some have turned to a buyer's market; while HDB flats have maintained a slight and steady increase due to their cost - effectiveness. The official divides the market into three major geographical regions: in the Core Central Region (CCR), the top - end demand remains strong, making it the first choice for high - net - worth multinational executives and overseas employees of foreign companies. In May, it increased slightly by 0.4% month - on - month and about 2.0% year - on - year. Although the sales pace has slowed down, supported by the absolute scarcity of land, the rent of high - end two - bedroom private residences remains stable at S$4,500 - 7,000 per month; the Rest of Central Region (RCR) undertakes the overflowing demand and performs the most stably. Some high - quality apartments increased by 1.1% month - on - month. Many middle - class foreign employees, unable to afford the high rents on Orchard Road, retreated to the RCR area with a 15 - minute commute and complete facilities; outside the Central Region (OCR), the supply is overstocked, and the prices have been adjusted. The rent of typical two - bedroom apartments has dropped to S$3,200 - 4,800 per month, and landlords are willing to provide more soft furnishings or rent - free periods as concessions during price negotiations.
In South Korea, in May, the rental market was caught in a vicious bidding war due to a supply shortage. The average jeonse deposit for apartments in Seoul climbed to 681.5 million won (about US$495,000), and the median stood firmly at 600 million won. There were even cases where tenants signed contracts without viewing the properties. In Seoul, the average monthly rent for low - to - medium - priced apartments reached 1.51 million won (about US$1,100), a significant 11.9% year - on - year increase; the monthly rent for studio/one - bedroom apartments in the city center is about 700,000 - 950,000 won. The rental prices in all 25 administrative districts of the city increased. The core districts such as Gangnam - gu, Seocho - gu, and Songpa - gu led the increase, and the spill - over of a large number of tenants promoted the supplementary increase in secondary areas. In addition, large - scale urban reconstruction has entered a dense construction period, and about 18,000 families need to relocate locally, and the explosive rigid demand has further pushed up the surrounding rents. In Busan and Sejong, the performance is relatively rational. In Busan, due to the stable delivery of new houses, the monthly rent and jeonse prices have basically remained flat.
03 China's Rental Market Development Trends
In May, the rents in 8 out of the top 10 key monitored cities increased month - on - month, while 2 decreased. According to the data from the China Housing Price Market Network, the national median rent was 1,700 yuan per month, remaining unchanged month - on - month. In May, among the top 10 cities, Nyingchi had the largest month - on - month decline of 5.22%, and Nanjing had the largest increase of 7.75%.
04 Opening Dynamics of Rental Enterprises
CMK One Apartment · High - tech Community in Hefei was inaugurated. On May 8th, CMK One Apartment · High - tech Community, the first self - built rental project of CMK in Hefei with a full - chain operation, was officially inaugurated. It provides 2,734 sets of high - quality rental housing, with a total construction area of about 126,900 square meters. It is planned to have 9 rental residential buildings, and is also equipped with about 3,000 square meters of community commerce and 1,688 square meters of overhead shared space.
Poly Harmony Apartment · Cloud Store opened. On May 14th, Poly Apartment announced that its Poly Harmony Apartment "Cloud Store" was officially launched in the Dong'an Lake area of Chengdu. The project is adjacent to the Dong'an Lake Sports Stadium, library, and art center, allowing residents to participate in large - scale sports events and cultural activities at close range. The shared community space provides four public scenarios: a quiet study room, an immersive reading area, a dynamic gym, and a mahjong room, creating a "second living room".
Base LITE - Anbo Road Serviced Apartment opened. On May 15th, Base, a serviced apartment brand under Jinhe Asset Management, and China Construction Bank Housing Rental Fund jointly held an opening ceremony for the serviced apartment - China Construction Bank Housing Rental · Base LITE - Anbo Road in Yangpu District, Shanghai. The project was originally a supporting commercial complex of Shuohe Garden, with a construction area of about 18,000 square meters, and is a typical stock property.
Yike Hotel · Marriott Bonvoy Apartment in Suzhou opened. On May 15th, the opening ceremony of Yike Hotel · Marriott Bonvoy Apartment in Suzhou was successfully held at the core of the ancient city of Gusu in Suzhou, the Suzhou Huamao Center. As the debut of Marriott Bonvoy Apartment in the Asia - Pacific region and Greater China, the project is positioned as "high - end long - stay + cultural and artistic sojourn", aiming to create a new landmark for urban artistic sojourn. All room types are equipped with open - plan kitchens, washing machines, and dryers and other household facilities. Some rooms are themed rooms co - branded with artists (such as "Lunar Phase and Tides", "Forest and Warm Trees", etc.), taking into account both living comfort and artistic atmosphere.
Boton International Apartment in Guangzhou Baiyun New City opened. On May 21st, Boton International Apartment's store at Jiahewanggang Subway Station in Guangzhou Design Capital officially opened. The apartment is located in the northern core area of Baiyun New City, with the advantageous location of the intersection of three subway lines at Jiahewanggang. It is only four stops away from Baiyun International Airport, seamlessly connecting to the transportation network of the Greater Bay Area. It is surrounded by mature commercial areas such as Yunmen NEW PARK and Time Mall, and is also adjacent to the industrial cluster of Guangzhou Design Capital.
Cheng Yu · Times Galaxy and Cheng Yu · Zhenyue opened. On May 25th, Cheng Yu · Times Galaxy and Cheng Yu · Zhenyue opened simultaneously. Among them, the Cheng Yu · Times Galaxy project launched about 900 fully - furnished units, including flexible one - bedroom, practical two - bedroom, and spacious three - bedroom units. The Cheng Yu · Zhenyue community launched more than 100 furnished units, with room types including one - to three - bedroom units. The project planning adheres to the 3.0 quality standard of Cheng Yu's good housing. All units are connected to civilian water, electricity, and gas, and are fully equipped with brand - name furniture and household appliances.
Oakwood Residence Haikou was inaugurated. On May 27th, Oakwood Residence Haikou, jointly developed by Shandong Energy Group and Oakwood Holdings Pte Ltd, was officially opened. The project is located in the headquarters economic ecological CBD of Haikou Jiangdong New Area, focusing on three core positioning: luxury business, wild and energetic experience, and convalescent sojourn. The hotel has 185 rooms and suites, all equipped with independent kitchens, complete kitchen appliances, audio - visual equipment, and smart home appliances. It offers a first - line sea view, combining practicality and a sense of viewing, and can fully meet the diverse needs of business trips, leisure vacations, and long - term sojourns.
Shenzhen POYU · Luohu Shuibei Store opened. On May 29th, Shenzhen POYU · Luohu Shuibei Store opened. The project is located in the city center of Luohu District, Shenzhen. The Shuibei Subway Station on Line 3 is right downstairs, and it is surrounded by high - speed railways, road networks, and ports. The project provides 297 units, with room types including single - room LOFT with a view, single - room LOFT for self - enjoyment, single - room LOFT for living, one - bedroom and one - living - room unit for enjoyment, and two - bedroom and one - living - room unit for family, with an area of 38 - 75 square meters, meeting the needs of single living, shared living, and family living.
Jinan CFFD POYU · Beichen Light opened. On May 29th, Jinan CFFD POYU · Beichen Light opened. It is located at No. 198, Lanxiang Middle Road, Tianqiao District, Jinan, adjacent to Yaoshan, with a dense bus network around. The project provides a total of 1,030 apartments, including 731 single - room units and 299 four - person units. All units are fully equipped with brand - name household appliances, furniture, and smart facilities, meeting the diverse living needs of single and multiple people.
05 Market Entry Dynamics of Government - subsidized Rental Housing and Talent Apartments
In May, the rental allocation market of government - subsidized rental housing showed a situation where state - owned brands "took the lead" and market - oriented brands "made joint efforts", jointly promoting the rapid market entry and effective rental allocation of government - subsidized rental housing sources.
The Housing and Urban - Rural Development Bureau of Xi'an announced the start of registration and allocation for 6 government - subsidized rental housing projects, with a total of 924 units. On May 6th, the Xi'an Affordable Housing Management Center issued a notice, announcing a total of 924 units in 6 affordable rental housing projects such as Anju · Lezhu (Gaoling Checheng Store), and officially launched the registration and allocation work. The 6 projects announced this time are distributed in Gaoling District, Chanba International Port, Baqiao District, and Economic Development Zone, covering various room types such as one - bedroom and one - living - room, two - bedroom and one - living - room, and three - bedroom and one - living - room, with an area ranging from 46.08 square meters to 116.92 square meters. Among them, Anju · Lezhu (Yuedengge Store) provided the most units, with 376; Anju · Lezhu (Jingwei Second Store) provided the least, with 70.
Yujian Anju · Future Light in Bao'an District, Shenzhen opened, providing 510 government - subsidized rental housing units. On May 7th, the Yujian Anju · Future Light affordable rental housing project in Bao'an District, Shenzhen was officially opened, and the signing work for 510 government - subsidized rental housing units was launched