Average rents for ordinary residences in China’s first-tier cities rose 0.16%
MoM in May, the third consecutive monthly increase. On a Jan–May YoY basis,
first-tier rents returned to modest growth of 0.21%, ending a two-year
adjustment. Beijing, Shanghai and Shenzhen have driven the rebound, with
residential rents climbing continuously since the March leasing season. Leasing
fundamentals in first-tier cities are stabilizing, supported by concentrated
high-quality industry and inflows of young workers.
