Many tenants throughout Beijing now have to pay a quarter of their monthly incomes for the house they rent, with the average monthly rent for an apartment hitting 3,160 yuan ($480) in the first 7 months of this year, the Beijing Times has reported.
The soaring rental costs have affected the lives of many tenants, with some choosing to "rent together", some moving to cheaper places on the outskirts of the city and some considering fleeing the city altogether.
Statistics from real estate agents show that Beijing's average real estate rents for the first 7 months this year have risen by 13 percent to 3,160 yuan year on year.
In busy commercial areas such as the Central Business District (CBD) and the Zhongguancun Area where the market demand surpasses supply, the rental cost has increased by 20 percent.
The rent hikes have been fuelled in part by the government's stricter policies for home purchases.
Hu Jinghui, the Vice President of the 5i5j Real Estate Group, said the city's tough new measures that ban non-Beijing residents from buying homes have partly contributed to the surge in rents.
"60-70% of workers in the CBD are non-Beijing residents, and as many as 60% of people from this group aren't eligible to buy a new house under the current rules. That's why the demand for properties to rent in these areas is exceptionally high," Hu Jinghui said.
