THE average home rent in Shenzhen in the first quarter increased 13.5 percent compared with the same period last year, according to a survey by the city s leasing management office.
The survey showed the rent was 4.8 percent higher than in the fourth quarter last year. The March consumer price index also showed housing expenses had increased 5.4 percent, the Daily Sunshine reported yesterday.
The average monthly rent was 42 yuan (US$6.46) per square meter and the average rent in Futian District was the highest at 53 yuan per square meter.
Nanshan District had the biggest rise in home rent at 18.5 percent. Rents in Nanshan, Futian, Luohu and Yantian districts increased more than in Bao an and Longgang districts.
The survey suggested transport was a key factor: The biggest rent increases were for homes along Metro lines.
The first quarter is usually the peak season in the home rental market, but rents rose more than usual this year, said Hou Yibing, director of the information center of the city s leasing management office.
The home purchase limits imposed by the city government have forced some residents into the rental market, analysts say.
Average office rent was 109 yuan per square meter a month, an increase of almost 7 percent from the previous quarter and 22.5 percent higher than in the same period last year. Shop rent grew 26 percent year on year.
Analysts attributed the low office vacancy rate to the big increase in office rents.
(Tina Chen)
