Listings, rents and commuting: Beijing's "new youth" rental map
The Beijing News and the ICCRA Housing Leasing Industry Research Institute launched the "New Map of Beijing Youth Renting Houses after the Lease Legislation", deciphering the characteristics of renting houses for young people who have come to Beijing within 5 years
After the "thunderstorm" of many parent-rental apartments that once attracted the attention of all walks of life, the leasing industry has undergone a transformation to break the industry's pain points.
The "Beijing Housing Leasing Regulations", which was officially implemented on September 1 this year, is the first local regulation in the country to regulate emerging business forms such as "housing leasing" and long-term rental apartments, helping Beijing's leasing market to embark on a standardized and orderly development road.
At the same time, the report of the 20th National Congress of the Communist Party of China emphasized: "Be a confidant of young people, an enthusiastic person for youth work, and a guide for the young people." Create more possibilities in the future.
It is worth paying attention to how many young people in Beijing are currently renting houses?
Which areas are more popular with young renters?
How do commute times compare to the citywide average?
What are the main ways to rent a house?
What are the main considerations when renting a house... Based on these issues, the Beijing News and the ICCRA Housing Leasing Industry Research Institute (ICCRA for short) jointly launched the "New Map of Beijing Youth Renting Houses after Lease Legislation".
About 2.525 million young people who came to Beijing within five years to live in rented houses
As the statistical method of Beijing’s overall renting population is being continuously improved and deduced, the ICCRA’s statistical caliber for Beijing’s renting population is based on the population without housing in Beijing among the permanent residents.
According to the seventh census data, in 2020, Beijing has a total of 21.893 million permanent residents, of which about 8.4184 million are from other provinces, accounting for 38.5% of the permanent population.
Among Beijing's permanent residents, 13% moved in within five years.
Under the current purchase restriction policy, households with non-local household registration in Beijing have 5 years of social insurance before they can purchase a set. Therefore, this part of the permanent population cannot buy houses in Beijing for the time being. From this, it can be calculated that the population base of renting houses in Beijing in 2020 will be 2.846 million.
According to ICCRA research, among the renting population in Beijing, the population aged 18-40 accounts for about 88.23%. From this, it can be further concluded that in 2020, there will be about 2.511 million young people renting houses in Beijing.
It is worth mentioning that the number of college graduates in Beijing is steadily increasing every year.
According to public information, in 2020, there will be 240,000 college graduates in Beijing, 252,000 in 2021, and 268,000 in 2022.
Based on the calculation that 50% of the graduates stay in Beijing, about half of the new college graduates will gradually be transformed into an annual increase in the renting population.
Based on this, ICCRA statistics show that the number of young people renting houses in Beijing will increase to 2.517 million in 2021, and will further increase to 2.525 million in 2022.
If factors such as Beijingers renting another house due to work and children are added, according to the Beijing Statistical Yearbook, about 13.7% of the city’s residents rent public and private housing as a source of housing, corresponding to a rental population of more than 3 million people.
In this regard, Zhao Ran, director of the ICCRA housing rental industry research institute, pointed out that young people with good educational background, especially the "Z generation" (people born from 1995 to 2009) have become the main customer group in the housing rental market. The concept of living is more rational, and the driving force of consumption will be more healthy and sustainable.
Over 40% of young people choose intermediary platforms for renting houses
According to the ICCRA survey, the main sources of rental housing for young people include intermediary platforms (accounting for 44%) and social platforms (accounting for 27%).
In terms of the types of rental housing resources for young people, individual landlords are still the main rental housing resources, followed by decentralized brand apartments such as Ziroom, and some young people choose to rent in centralized brand apartments.
In terms of rent, according to the statistics of Beijing Lianjia Research Institute, the third quarter is the peak season for leasing. From July to September this year, the rent price of ordinary rental housing units in Beijing Lianjia was 91.4 yuan/square meter/month, an increase of 5.3% month-on-month and a year-on-year increase. 2.2%.
Judging from the rental trend in recent years, last year’s epidemic prevention and control became normal, the rental market gradually returned to normal, and the rental price rebounded more significantly than in 2020. In the third quarter of last year, the rental price basically returned to the level before the epidemic, and then entered a stage of stable development.
In addition, from the perspective of the rental cycle, according to ICCRA’s survey on the needs of Beijing’s rental population in October this year, the average rental cycle for young people in the same house was 15.93 months, which was 2.21 months longer than the same period last year.
This shows that the rental lifestyle of young people is gradually developing. At the same time, with the rapid development of institutionalized long-term rental housing with relatively stable lease contracts and rents, "stable rental" has become more and more popular.
The average one-way commute time for young adults is 43 minutes
From the perspective of young people, commuting time is one of the most important factors when renting a house.
The "2022 Commuting Monitoring Report of Major Chinese Cities" shows that the average one-way commuting time in Beijing is 48 minutes.
However, according to ICCRA's survey on the needs of Beijing's renting population in October 2022, the average one-way commute time for young people is 43 minutes.
According to the "2022 Youth Property Buying Report" released by 58.com and Anjuke, the average one-way commuting time of young people in Beijing is 42.71 minutes.
In this regard, Zhao Ran pointed out that a reasonable job-housing relationship is conducive to reducing commuting volume and urban traffic congestion, reducing commuting time, and improving people's travel experience and quality of life.
Among them, multi-channel financing of rental housing, especially guaranteed rental housing, is a breakthrough move to improve the balance between work and housing. This is also the reason why the average commuting time of young people renting housing can be lower than the city's average.
From the perspective of the rental areas favored by young people, according to the ICCRA survey, the top three areas in Beijing with strong employment and rental demand are Guomao CBD, Financial Street, and Dongdan.
Many young people hope to "bring their pets in" when renting a house
It is worth mentioning that, according to the ICCRA survey, among the factors that young people consider when renting a house, the top three are: whether pets can be accommodated, the stability of the lease and rent, and the orientation of the room.
"The lifestyles of young people are changing quietly. For example, as the number of pet owners gradually grows, the market will also have higher-level and more diversified demands. This will also give rise to the market's attention to the living environment needs of young renters. and adjustments.” Zhao Ran pointed out that rental housing products must not only provide a beautiful and comfortable living space, but also pay attention to customers’ emotional, cultural and social demands, and market demand will also drive the continuous development of the supply side.
Written by this edition/Beijing News reporter Zhang Xiaolan