China Index Research Institute: The cumulative number of properties opened by TOP30 centralized long-term rental apartment companies in October was 1,508,000, an increase of 13,000 units compared to September
The Zhitong Finance App learned that the China Index Research Institute published an article stating that judging from the opening scale list, according to statistics from the China Index Research Institute, in October 2026, the total number of properties opened by TOP30 centralized long-term rental apartment companies was 1,508,000, an increase of 13,000 units over September. Specifically, local state-owned enterprises account for 30% of the opening scale of the TOP30.
Judging from the management scale list, according to statistics from the China Index Research Institute, in October 2026, TOP30 centralized long-term rental apartment companies managed a total of 2.02 million units, a decrease of 90,000 units compared to September.
Company News
Construction and operation
In October, local state-owned enterprises and market-based long-term rental apartment operators continued to promote the construction and operation of rental housing such as guaranteed housing and talent apartments. The product format continued to be rich. Projects such as Western Le Chao Taoyuan, Chengdu Ronghua Leju Xingyaohui, Rongyu Wuhan Luojia Innovation Port Store, and Chengdu Railway City · Yujian Shuangliu West 1 Store were opened one after another. Among them, Chengdu Railway City · Yujian Shuangliu West 1 Store was the first TOD guaranteed housing project in Shuangliu District of Chengdu. Meanwhile, Guangzhou Anju Group launched the first batch of 9 rental communities in Baiyun and Haizhu districts; the Shanghai Qinghe Huijia Project focused on the needs of newly employed youth and city builders, and launched 222 bed products to further meet multi-level rental needs.
Table: Construction and operation trends of long-term rental enterprises in October 2026
Source: Comprehensive compilation by the China Index Research Institute
In addition, the construction of self-built apartments by enterprise employees continues to advance. Anta Group's Jinjiang shoe production base Wuli Park hotel-style apartments were officially put into use, and the properties were open to the group's grass-roots employees. Previously, employee apartments such as Anta Longyan Changting and Jinjiang Integrated Logistics Industrial Park had already been put into use.
Table: Trends related to self-built employee apartments by enterprises in October 2026
Source: Comprehensive compilation by the China Index Research Institute
Business development
In October, cooperation in the field of housing rental continued to deepen, such as Anju Ningchao successively signed contracts for the Hangzhou Mingchuan Famous Works and Beidaqiao Project; Yuecheng Biao Biao Wuhan Hongling Phase III Project; Science City Group undertook full-cycle operation and management services for Xiaopeng Motor's Guangzhou base apartment; and Jindi Strawberry Community landed in Kunshan talent apartment operation cooperation.
Table: Business development trends of housing rental companies in October 2026
Source: Comprehensive compilation by the China Index Research Institute
brand building
In October, Vanke Long Term Rental Apartment officially launched the new product line “CASA Jiashe”, positioning itself as “the best choice of light serviced long-term rental apartments”, focusing on the mid-range quality rental market. Currently, CASA Jiashe has launched in Shenzhen and Tianjin.
Table: Brand Building Trends for Housing Rental Companies in October 2026
Source: Comprehensive compilation by the China Index Research Institute
Financing trends
In terms of public REITs, CICC Hangzhou Anju Ningchao REIT and Cathay Pacific Haitong China Construction Rental Housing REIT have successively been listed on the Shenzhen Stock Exchange and the Shanghai Stock Exchange, and the number of listed guaranteed housing REITs nationwide has been expanded to 11. In terms of expansion, CICC Xiamen Anju REIT adjusted the net recovery capital investment for the initial expansion and was newly included in the cross-strait era project; Huitianfu Shanghai Real Estate's rental housing REIT expansion application received feedback from the Shanghai Stock Exchange.
In terms of private equity, new developments have been made in multi-unit products. The status of ABS (second to N expansions) for real estate owned by Jianxin Housing Rental Fund was updated to “approved”, making it the first inter-agency REITs with the second expansion in the market; Cathay Pacific Haitong Asset Management - Shangshi Cheng Kai and CITIC Securities - Xiangyu were approved and fed back respectively; Jinan Chengtou Quancheng Renewal and Pukai Group Huizhijingyun have successively accepted two rental housing REITs with a proposed issuance amount of RMB 1,086 and RMB 1,101 billion, respectively.
Furthermore, this month, Shicheng Kai transferred 100% of the shares of the project company belonging to the Chengkai Qianjihui Community to Shanghai Ruiyu Si of the same system to achieve asset disclosure and return of funds, and retained the right to entrust operation and management for one year to promote asset-light transformation.
Table: Housing rental market financing situation in October 2026
Source: Comprehensive compilation by the China Index Research Institute
Policy trends
1. Housing rental market guidance and support policy
1.1 Central level: The REITs system optimizes and broadens the exit path for guaranteed housing, and the old factory renovation policy frees up space for “industrial leasing” operations
On October 9, the Securities Regulatory Commission issued the “Administrative Measures on the Operation of Publicly Raised Securities Investment Funds (Draft for Comments)”, which proposes to classify REITs as an independent fund category, making it clear that public fund investments in REITs are managed according to the concentration of general securities investment, and are no longer bound by rules relating to general funds investing in other funds and funds in funds. As far as the housing rental market is concerned, the revision removes the institutional barriers for ordinary public funds to allocate guaranteed housing REITs, helps broaden institutional funding sources, enhance product liquidity, and further smooth the entire “investment, finance, construction and management withdrawal” chain path for bonded housing projects. Furthermore, as REITs are incorporated into the allocation framework for more public offering products, the pricing of guaranteed housing assets will depend more on rental rates, rent stability, and operational efficiency, thus forcing the industry to strengthen asset operation and capital circulation capabilities, forming medium- to long-term structural benefits for the housing rental market.
On October 23, six departments including the Ministry of Housing and Construction issued the “Guiding Opinions on Promoting the Renovation and Upgrading of Factory Areas in Old Neighborhoods”, which clearly proposed “revitalizing the use of idle and inefficient factory areas, factories, warehouses and facilities to promote functional conversion and mixed use of buildings”, and set flexible land use rules to allow eligible projects to start renovation first without changing the subject of land use and planning conditions, and improve land use procedures after the expiration of the period. At the same time, it emphasizes supporting integrated renovation, operation coordination and supporting infrastructure REITs for mature projects. Looking at the housing rental market, the clear direction of “building function conversion and mixed use” and the transitional land policy arrangement provides a more operational compliance gateway for “industrial rent conversion”, etc., reducing early compliance costs and policy uncertainty, and helping to promote the transformation of idle plants, factory area support, etc. into guaranteed housing and talent apartments; at the same time, pre-operation, area coordination, and REITs exit mechanisms will drive related rental products to be bound by rental rate, customer base adaptation, and full-cycle revenue during the planning stage, raising the threshold for professional operation.
1.2 Local level: revitalize and expand stocks to guarantee supply, and strengthen housing security for young talents and college graduates
In terms of policy development, Beijing emphasizes actively building a housing rental business brand and playing the main role in a standardized and diversified rental market.
In terms of multi-channel fund-raising, Shanghai plans to require that new commercial housing land should be sold for at least 5% of affordable housing, mainly for rent housing. Each district can choose to monetize or centrally implement allocations as needed. Among them, monetized construction funds need to be earmarked to raise guaranteed housing through procurement, stock transformation, etc.; Liaoning insists on using the “four batches” to raise affordable housing through new construction, renovation, acquisition, etc.; Hunan proposes to raise rent-free housing for young talents in “four batches”, that is, to revitalize one batch of rent-free housing, the acquisition of one batch of stocks, one batch of idle state-owned enterprises, one batch of urban renewal and utilization .
In terms of standardized management, Guangzhou extended the validity period of the housing rental contract registration and filing rules for 5 years, and continued to implement mechanisms such as filing within 30 days after signing the lease contract to stabilize the rental management order and enhance market transparency.
In terms of provident fund support, Shenzhen plans to increase the rental withdrawal amount in stages. Within two years from November 1, 2027, the monthly withdrawal amount for workers without housing will be raised from 65% to 80% of the deposit amount due; Yunnan will include “withdrawing the Provident Fund from renting and buying a home” into the “Efficient Implementation as a Thing” list of key issues to promote the integration and optimization of the withdrawal process.
In terms of talent housing support, Beijing proposed strengthening special support for inclusive youth housing and implementing “housing repair linkage” for key units in urgent need of talents; Guangzhou Nansha requires the construction of living communities that meet the characteristics and needs of talents and provide housing services such as talent apartments and housing purchase subsidies; Hunan has made it clear that by the end of 2026, 5 cities including Changsha and Zhuzhou will provide a two-year rent-free stay for eligible Liuxiang entrepreneurial students and young talents. The rest of the cities and states will be fully launched by the end of 2027; Nanning will actually pay the total rent for 3 months for full-time college graduates and above within 2 years of graduation 50% Pay basic allowances.
Table: Housing rental market guidance and support policies introduced locally in October 2026
Source: Comprehensive compilation by the China Index Research Institute
2. Rental housing supply
Hangzhou: During the “14th Five-Year Plan” period, 163,700 public rental housing units, 248,000 affordable rental housing units (units), and 12,000 affordable housing units for sale have been raised. All types of guaranteed housing have covered more than 1.2 million people.
Jiangsu: In 2025, the province raised 67,600 affordable rental housing units. Currently, the rental rate of guaranteed housing is about 83%, and more than 100,000 units are under construction or renovation, reducing the rent burden of youth housing to a certain extent.
Wuhan: Up to now, the city has acquired a total of 21 commercial projects, with a total construction area of about 484,400 square meters. After renovation, it can provide 1,034 guaranteed housing units. Of these, 14 projects and more than 5,300 units have been put into operation. The overall occupancy rate has exceeded 90%, and many projects have reached full rent.
Anhui: Over the past five years, the province has raised 275,000 units (units) of various types of affordable housing in kind and distributed rental subsidies to 289,000 households. Urban subsistence insurance and low-income families with housing difficulties have been fully insured upon application, helping about 600,000 new citizens, young people and other groups to solve their housing problems.
Xiangtan: Currently, Xiangtan City has raised a total of 5,571 affordable rental housing units.
Market operation
1. Overall rent: In October, the average residential rent in 50 cities fell 0.28% month-on-month and 2.02% year-on-year
In October 2026, the housing rental industry entered the traditional low season. Demand in the housing rental market in key cities fell further, and the month-on-month decline in average residential rents in 50 cities increased. According to the China Index 50 City Residential Rental Price Index, the average residential rent in the country's 50 cities was 33.87 yuan/square meter/month, down 0.28% from the previous month, up 0.11 percentage points from September; the year-on-year decline was 2.02%, and the decline was 0.21 percentage points narrower than in September.
Figure: Average residential rent and month-on-month rise and fall in 50 cities from August 2022 to October 2026
Data source: China Index Data CREIS · Rental Edition
2. Rents in key cities: rents in core cities such as Shanghai and Shenzhen have maintained a slight month-on-month increase
In October 2026, the number of cities where average residential rents rose month-on-month was 5, 4 fewer than in September. Specifically, Beihai saw the biggest month-on-month increase of 0.68%; the two cities of Shanghai and Shenzhen rose between 0.1% and 0.3%; the two cities of Dongguan and Wuxi rose within 0.1%.
In October 2026, the number of cities where average residential rents fell month-on-month was 45, an increase of 6 over September. Specifically, Xi'an saw the biggest month-on-month decline of 0.93%; 9 cities including Beijing and Wenzhou fell between 0.5% (inclusive) -0.9%; 18 cities including Wuhan and Dalian fell 0.3% (inclusive) -0.5% month-on-month; 12 cities, including Xiamen and Shaoxing, fell 0.1% (inclusive) -0.3%; and 5 cities, including Zhengzhou and Foshan, fell within 0.1%.
Figure: Average residential rent and month-on-month rise and fall in 50 cities in October 2026
Data source: China Index Data CREIS · Rental Edition
