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Beijing Apartment Rental Market Prices Continue to Increase

Sina Financial News recently reported that Beijing’s apartment rental prices have been increasing for the past 52 months. The national price has been increasing for 42 months. Though the law bans such practices, it is not unusual for seventeen people in the capital city to share a three-room apartment. There are millions of couples living in apartments with less than 20 square meters. Based on the international standard, the cost of rent should be less than 30 percent of a family’s income. In Beijing, the official data for 2012 shows it is 39.3 percent. However, Beijing’s current population and real estate prices are both showing rapid growth. The city government has attempted several times in the past few years to ban overloaded rental apartments with no success. A new round is being implemented in addition to the plan of introducing the Residence Permit System. Rental agents are not really worried, however. They believe that this new effort will fail just like the previous ones.
Source: Sina Financial News, August 16, 2013