According to data from the China Index Research Institute, in October, the average residential rent in the 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. “The month-on-month decline in rents increased slightly in October, which is a normal correction to the fall in demand during the off-season.” Cao Jingjing, general manager of the Index Research Department of the China Index Research Institute, said that the fourth quarter was a traditional low season for the housing rental industry. The market entered a period of low demand, market activity declined markedly, and owners' listing price expectations were also relaxed. A few core cities have remained resilient in prices. In the same month, residential rents rose month-on-month in 5 of the 50 cities. Among them, as of October, residential rents in Shanghai and Shenzhen had been rising for 8 consecutive months. According to the data, the average residential rent in Shanghai in October was 85.04 yuan/square meter/month, up 0.25% from month to month. Residential rents in all jurisdictions generally continued to rise. Among them, Xuhui, Songjiang, Fengxian, Hongkou and other jurisdictions had higher increases; the average residential rent in Shenzhen was 83.21 yuan/square meter/month, up 0.11% from the previous month.

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