On October 14, the China Index Academy released its September 2026 ranking of Chinese housing rental enterprise scale, according to Zhitong Finance APP.
In September 2026, the housing rental market gradually entered the off-season, rental demand cooled in key cities, and the average residential rent across 50 cities shifted to a slight month-on-month decline.
According to the China Index Academy 50-City Residential Rental Price Index, the national average residential rent across 50 cities stood at 33.97 yuan per square meter per month, down 0.17% month-on-month compared with a 0.03% increase in August, and down 2.23% year-on-year, with the decline narrowing by 0.22 percentage points from August.
Corporate Landscape
1. Scale Rankings
From the opened-unit scale ranking, according to China Index Academy statistics, as of September 2026, the cumulative number of opened units among the TOP30 centralized long-term rental apartment enterprises reached 1.495 million units, an increase of 19,000 units from August. Specifically, local state-owned enterprise-related operators steadily expanded their opened-unit scale, accounting for 30% of the TOP30.
From the managed-unit scale ranking, according to China Index Academy statistics, as of September 2026, the cumulative number of managed units among the TOP30 centralized long-term rental apartment enterprises reached 2.03 million units, an increase of 6,000 units from August.
2. Corporate Developments
2.1 Construction and Operations
In September, local state-owned enterprises continued to advance the construction and operation of rental housing including affordable rental housing and talent apartments. Projects such as Hengtai Xingyu Jiangyun Siji Apartment, Wuhan Hanyue Apartment · Kaide Xiyuan Second Store, Ningbo Chengtou Chengyu · Nan'an Community, and Ningchao Apartment Sanliting Store successively commenced operations. Among them, Hengtai Xingyu Jiangyun Siji Apartment is the fourth market-oriented centralized rental living community under Hengtai, providing 2,157 rental housing units.
In addition, the Xinling Building project in Longhua District, Shenzhen — the district's first "industrial-to-affordable-housing" dormitory-type affordable housing project — also fully topped out this month.
Table: September 2026 Construction and Operations Developments of Local State-Owned Long-Term Rental Enterprises
Source: Compiled by China Index Academy
In September, market-oriented long-term rental apartment operators also brought multiple projects to market, continuously enriching products and business formats. For example, Gemdale Strawberry Community successively launched its Yangpu Binjiang Store and Shenzhen International Convention and Exhibition Store, with the latter being Gemdale Strawberry Community's first large-scale rental community in Shenzhen, offering 2,650 units.
Meanwhile, Lingyu opened three stores in Shanghai's central area — Daning Youmiyu, Xiaomuqiao Youmiyu, and Caoxi Road Youmi Community — further increasing layout density in core cities.
Additionally, Weilingdi Hongqiao National Exhibition Youth Community officially opened, with a total gross floor area of nearly 210,000 square meters, making it Weilingdi's largest affordable rental housing project to date.
Table: September 2026 Construction and Operations Developments of Market-Oriented Long-Term Rental Operators
Source: Compiled by China Index Academy
2.2 Business Expansion
In September, housing rental enterprises expanded their business footprints through entrusted operations, brand cooperation, and other means. For example, Lehu Group won the bid for the operation project of talent public rental housing in Zone L, Tiantong Zhongyuan Third District, Changping, Beijing; Lingyu International won the bid for the entrusted operation and management project of Chongqing Haixia Road TOD affordable rental housing, with an expected 1,228 units; Yuexiu Xingyu signed the Guangzhou Airport Yueju · Yunyi Garden project, with 684 entrusted units, totaling 2,344 rooms; and Hangzhou Anju Ningchao signed a framework agreement with Taizhou Bay New Area Juxing Park Operation Company for cooperative operation of housing rental business in Taizhou Bay New Area.
Table: September 2026 Business Expansion Developments of Housing Rental Enterprises
Source: Compiled by China Index Academy
2.3 Brand Building
In September, Poly Heyuan released a new brand proposition "Live Well, Stay at Heyuan," launching three differentiated product types — Peaceful Sleep Pod, Storage Magic, and TA Exclusive — and proposed a 5×5 matrix-style service system precisely covering the entire rental life cycle; China Merchants Shekou's Yitang Serviced Apartment website went live, centrally displaying brand and product information; and Longfor Guanyu announced that its fifth-generation product 5.0 had completed定型, with stores adopting the new standard planned to open within the year.
Table: September 2026 Brand Building Developments of Housing Rental Enterprises
Source: Compiled by China Index Academy
2.4 Financing Activities
In terms of public REITs, the fund contracts for Guotai Haitong Zhongjian Rental Housing REIT and CICC Hangzhou Anju Ningchao REIT successively took effect; Guotai Haitong Shangshi Rental Housing REIT officially filed and was accepted by the Shanghai Stock Exchange, with a proposed total offering of 1.205 billion yuan. Meanwhile, the application for expansion of China Universal Shanghai Real Estate Rental Housing REIT was accepted by the Shanghai Stock Exchange, with the Jingyao and Jingbo projects valued at approximately 3.721 billion yuan combined.
On the private placement side, Chongqing Chengtou's Yuyuejia ABS was accepted by the Shenzhen Stock Exchange with a declared scale of 1 billion yuan; Shenzhen Anju Group's 2 billion yuan private corporate bond project passed review by the Shenzhen Stock Exchange.
In terms of credit support, the China-Laos Mohan-Boten Economic Cooperation Zone secured a 51 million yuan group housing rental loan, specifically designated to support the acquisition and renovation of over 200 completed but unsold apartments in the cooperation zone into affordable rental housing.
Table: September 2026 Financing Activities in the Housing Rental Market
Source: Compiled by China Index Academy
Policy Developments
1. Guiding and Supporting Policies for the Housing Rental Market
1.1 Central Level: Further Clarifying the "Rent and Purchase" Housing System, Emphasizing "Supply Based on Demand" for Precise Provision
On September 18, the State Council Information Office held a press conference on high-quality development of housing and urban-rural construction. The meeting explicitly proposed to "improve the housing system featuring multi-entity supply, multi-channel support, and simultaneous rent and purchase," further establishing the foundational position of rental housing in the housing supply system.
At the same time, the meeting clarified the need to "further improve the housing security system centered on allocation-type affordable housing and sale-type affordable housing, adhere to combining rental subsidies with in-kind support, build and purchase based on demand, and promote the improvement of housing security waiting lists in cities at or above the prefecture level and qualified county towns." It also emphasized the guarantee pathway for new citizens, young people, and other groups of "allocating rental housing where appropriate and allocating sale-type housing where appropriate," providing institutional support for precise provision of affordable rental housing and reducing resource misallocation and idleness. The combination of rental subsidies and in-kind support will also drive continuous expansion of rental demand, laying a demand foundation for the industry's long-term development.
1.2 Local Level: Policies to Revitalize Existing Assets and Increase Rental Supply Continue to Gain Momentum, Support for Youth Housing Steadily Strengthens
In terms of standardized management, Chengdu requires housing rental enterprises to implement a "dual-track closed-loop management" of "opening registration plus fund supervision," requiring enterprises to establish a unique dedicated rental supervision account and specifying that rent collected in a single payment should in principle not exceed three months.
In terms of multi-channel fundraising, Henan and Hubei respectively encourage the purchase of existing commercial housing and second-hand homes for use as affordable housing and talent housing; Jiangsu supports revitalizing existing resources such as old factories, old campuses, and inefficient buildings in youth-concentrated areas like urban core districts and industrial parks, and building diverse youth communities by category; Jiangsu is also building a funding support system to help universities allocate student dormitory resources through methods such as "renovation, rental, purchase, construction, and adjustment"; Xining publicly solicited intended implementation projects for affordable rental housing, with projects categorized into new construction, renovation, refurbishment, and fundraising types.
In terms of housing provident fund support, Xi'an increased the amount of provident fund that can be withdrawn for rent and removed the restriction that depositors can only apply for withdrawal for one housing consumption category per year; Wuhan plans to clarify that rental withdrawal by employees without housing is not limited in frequency, with single employees able to withdraw 18,000 yuan per year and married employees and their spouses able to withdraw 36,000 yuan, while recognized talents in Wuhan have their withdrawal limit raised to three times the standard.
In terms of talent housing support, Beijing launched the "Beijing Youth Talent Apartment Online Service Platform," where eligible youth can enjoy rents at 75% or less of market price; Shanghai requires strengthening inclusive youth housing support for newly employed university graduates and other youth groups; Jiangsu supports increasing the number of free stays and days at youth stations; Guangxi provides housing rental subsidies to university graduates within two years of graduation, with the basic subsidy set at 50% of three months' actual rent paid, and those who meet conditions can also receive additional subsidies.
Table: Local Guiding and Supporting Policies for the Housing Rental Market Introduced in September 2026
Source: Compiled by China Index Academy
2. Rental Housing Supply
Shanghai: By 2030, add 250,000-270,000 units of affordable rental housing and add more than 120,000 beds in "Homes for New Era City Builders and Managers."
Wuhan: Since 2024, a cumulative 38 existing commercial housing projects have been acquired for use as affordable rental housing, approximately 1 million square meters with 23,006 units. In 2026, the city will continue to guide state-owned enterprise platforms such as Anju and Anjia to increase acquisition efforts, with no fewer than 6,000 units to be acquired for the full year.
Huizhou: In 2026, plans to newly build 4,457 units of affordable rental housing, with projects distributed in Boluo County, Longmen County, Daya Bay Development Zone, and Zhongkai High-tech Zone; plans to allocate 1,744 units of affordable rental housing, with Huicheng District, Huiyang District, Huidong County, Boluo County, and Daya Bay Development Zone as the main supply areas.
Market Performance
1. Overall Rent: September Average Residential Rent Across 50 Cities Down 0.17% Month-on-Month, Down 2.23% Year-on-Year
In September 2026, the housing rental market gradually entered the off-season, rental demand cooled in key cities, and the average residential rent across 50 cities shifted to a slight month-on-month decline.
According to the China Index Academy 50-City Residential Rental Price Index, the national average residential rent across 50 cities stood at 33.97 yuan per square meter per month, down 0.17% month-on-month compared with a 0.03% increase in August, and down 2.23% year-on-year, with the decline narrowing by 0.22 percentage points from August.
Chart: Average Residential Rent and Month-on-Month Change Across 50 Cities from January 2022 to September 2026
Data Source: China Index Data CREIS · Rental Edition
2. Key City Rents: Month-on-Month Rent Growth in Core Cities Such as Shanghai and Shenzhen Narrowed
In September 2026, the number of cities with month-on-month increases in average residential rent was 9, a decrease of 6 from August. Specifically, Shanghai had the largest month-on-month increase at 0.52%; four cities including Dongguan and Suzhou saw increases between 0.1% and 0.2%; and four cities including Shenzhen and Wuxi saw increases within 0.1%.
In September, two cities — Jiaxing and Zhengzhou — saw average residential rent remain flat month-on-month, an increase of one from August.
In September 2026, the number of cities with month-on-month declines in average residential rent was 39, an increase of 5 from August. Specifically, six cities including Xi'an and Beijing saw month-on-month declines of 0.5% or more, with Xi'an recording the largest decline at 0.78%; 13 cities including Sanya and Changsha saw declines between 0.3% (inclusive) and 0.5%; 18 cities including Hohhot and Nanjing saw declines between 0.1% and 0.3%; and two cities — Jinan and Beihai — saw declines within 0.1%.
Chart: Average Residential Rent and Month-on-Month Change Across 50 Cities in September 2026
Data Source: China Index Data CREIS · Rental Edition
Key Observations
1. September 50-City Residential Rent Shifted to Slight Month-on-Month Decline, Shanghai Rent Continued to Lead Gains
In September, as the peak rental demand from the graduation season faded, national housing rental market activity gradually returned to normalized levels, and the average residential rent across 50 cities turned negative after three consecutive months of slight recovery.
According to the China Index Academy 50-City Residential Rental Price Index, in September, the average residential rent across 50 cities fell 0.17% month-on-month and 2.23% year-on-year, with the decline continuing to narrow and reaching its lowest level in nearly 25 months. The signal of residential rents bottoming out and stabilizing in key cities is becoming increasingly clear.
By tier, average residential rents in all city tiers declined month-on-month in September. According to China Index Academy monitoring, in September, the average rent for ordinary residential housing in first-tier cities fell 0.03% month-on-month, ending six consecutive months of month-on-month increases; the average rent in second-tier cities fell 0.25% month-on-month, with the decline widening by 0.16 percentage points from August; and the average rent in representative third- and fourth-tier cities fell 0.15% month-on-month.
Table: Performance of TOP 20 Cities by Residential Rent Across 50 Cities in September 2026
Data Source: China Index Data CREIS
From the perspective of specific city performance, as of September, residential rents in Shanghai and Shenzhen had risen for seven consecutive months month-on-month, with Shanghai's month-on-month increase ranking first among the 50 cities for six consecutive months; Suzhou had risen for five consecutive months month-on-month. However, the month-on-month increases in all three cities narrowed in September.
In addition, Hangzhou's residential rent ended three consecutive months of month-on-month increases and turned negative in September; rents in Beijing, Guangzhou, Tianjin, Chengdu, and other cities further widened their month-on-month declines in September after turning negative in August. After the peak rental season receded, residential rent support in key cities weakened.
2. September Saw Acceleration in Both First Issuance and Expansion of Affordable Rental Housing Public REITs, "Investment-Financing-Construction-Management-Exit" Closed Loop Taking Shape Faster
Multiple affordable rental housing public REITs achieved breakthrough progress in September. On September 14, Guotai Haitong Zhongjian Rental Housing REIT publicly offered, and its fund contract took effect on September 20; on September 4, CICC Hangzhou Anju Ningchao REIT received approval for registration from the CSRC, officially offered on September 22, and its fund contract took effect on September 30. The underlying assets of both REITs are mature projects newly built on rental housing land and already included in the affordable rental housing system. Consistent with the nine affordable rental housing REITs previously listed, the original beneficiaries are all backed by central or local state-owned enterprises, and the underlying assets are all high-quality affordable rental housing or public rental housing projects in first-tier and core second-tier cities.
In addition, on September 10, Shangshi Rental Housing REIT officially filed and was accepted by the Shanghai Stock Exchange on September 16; the original beneficiary is Shangshi Chengkai, and the underlying asset is Chengkai · Qianji Hui Community, the first Rr4 land affordable rental housing project in Xuhui District, Shanghai.
Table: Basic Information of Guotai Haitong Zhongjian Rental Housing REIT and CICC Hangzhou Anju Ningchao REIT
Source: Fund Prospectus, Offering Announcement, Compiled by China Index Academy
Meanwhile, the expansion of affordable rental housing public REITs advanced steadily. On September 10, China Universal Shanghai Real Estate Rental Housing REIT received recommendation from the National Development and Reform Commission; on September 28, it formally submitted a product change registration application to the CSRC and a product change and expanded unit listing application to the Shanghai Stock Exchange; and on September 30, it was accepted by the CSRC and the Shanghai Stock Exchange. From receiving NDRC recommendation to completing filing, the fund took only 18 days, indicating a relatively fast pace.
The fund's proposed expansion projects are two affordable rental housing projects in the Expo area of Pudong New Area, Shanghai — the Jingyao Project and the Jingbo Project — both of which are rental communities newly built on rental housing land and commenced operations in 2022.
Currently, with policy support, China's rental housing "investment-financing-construction-management-exit" commercial closed loop has basically been established, and public REIT issuance is gradually becoming normalized. As rental communities built on the large-scale supply of rental housing land in earlier years enter a phase of stable operation, the pace of both first issuance and expansion of affordable rental housing public REITs is expected to further accelerate.
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