Home rents drop by 20 per cent in Shanghai as expats and wealthy mainlanders leave the city due to psychological scar left by a citywide lockdown
- Shanghai’s average monthly home rent fell 5.6 per cent last month to 102.71 yuan (US$14.20) per square metre, from August, according to creprice.cn
- Average charges may fall another 1 per cent to 101.59 yuan, it said, based on the quotations by 52,600 flats available for lease
Rental charges are falling in Shanghai, with some landlords offering discounts of up to 20 per cent, as expatriate residents and high-income salaried workers rushed for the exit amid lingering zero-Covid controls in China’s commercial hub.
Shanghai’s average monthly home rent fell 5.6 per cent last month to 102.71 yuan (US$14.20) per square metre, from August, according to creprice.cn, a real estate industry data provider. Average charges may fall another 1 per cent to 101.59 yuan, it said, based on the quotations by 52,600 flats available for lease.
“Homeowners are disappointed” with the sagging housing demand, said You Liangzhou, the owner of the Baonuo real estate agency in Shanghai. “High-end homes cannot find tenants unless the landlords agree to cut the rates by at least 20 per cent.”