Beijing: Chinese home rental prices rose at the fastest speed for at least 2-1 / 2 years, according to a private survey, because record records of college graduates flocked to major cities to find work as the economy of the Coronavirus pandemic.
The average price in 40 cities rose 2.1% in June from the previous month, compared with a 0.78% May increase, statistics from Zhuge House Hunter, one of the largest independent real estate research companies in China, showed on Thursday.
It was the biggest monthly increase since Zhuge began compiling data in January 2019.
Happy! You have managed to throw your voteogin to see the fastest Rose Resultrent in Top-Tier cities, with the South Shenzhen technology center up 2.56% compared to 1.3% May growth.
Such cities, including Beijing and Shanghai, are the top locations for young work seekers, said Zhuge House Hunter.
Compared to the previous year, rent in June rose 1.51%, the first increase since April 2020.
More and more college graduates have triggered demand, and China has vowed to expand the rental market to make housing more affordable in big cities, where house prices and rent have surged in recent years.
The Ministry of Education estimates that more than 9 million students will graduate this year, beating a record of 8.73 million sets last year.
The ministry expects graduates to exceed 10 million in 2022.
Big cities like Beijing and Shenzhen began implementing this year’s steps to increase rental property supply.
Kaylee Jian, 22, a graduate student from City Chengdu Barat Daya, arrived in Beijing in June for an internship in a company while exploring employment opportunities in the capital ahead of his graduation in December.
“My rent takes 150% of my internship salary, so I still have to spend my family’s money,” he said.
Jian shared an apartment with one other person in North Beijing, and paid around 3,000 yuan ($ 463) rent a month.
“My parents told me that in Chengdu you could rent the whole house that had been well renovated for 2,000 yuan a month.
I finally realized how expensive it was to live in cities like our capital.”