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 wo

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.