Relocating to China? Get the Latest Rental Market Updates!
Posted by: Ivan Shen, Director, Strategic Business Solutions
Keeping up to date with the latest destination trends, and how they could impact your global relocation program, is an ongoing challenge. If you relocate assignees to Beijing, Shanghai or Guangzhou, our latest China Market Watch provides details on the current housing market and typical school and transportation costs.
Shanghai is the largest and most developed city in mainland China. Divided by the Huangpu River, there is the older, central Puxi area to the west, and the more modern Pudong region in the east, which has far more high-rise developments. For those looking to rent in Shanghai, our in-house destination service teams report that there is currently a good level of properties available, but as we head towards the summer months, competition amongst prospective tenants will begin to rise.
Competition from locals is the biggest challenge facing assignees at the moment. Locals are able to sign a personal lease, which includes more favorable terms for landlords compared with the corporate lease that many organizations require. With this in mind, assignees should remain as flexible as possible in their search for a property and work closely with their Cartus representative.
The capital of China, Beijing is one of the world’s most populous cities and located in the north of the country. It has 16 urban, suburban and rural districts, with most international assignees choosing to live in either the east of the central city, or the suburban villa area close to the Beijing Capital International Airport. The rental market in Beijing has limited rental stock, with the closure of apartment complexes like the Ascott CBD, exacerbating the situation. As demand outweighs supply, rents continue to increase.
Located in southern China, on the Pearl River, Guangzhou is a major port and transportation hub. A prosperous city, it boasts many job opportunities especially in commerce, tourism, dining, finance and real estate and, as such, attracts a large expatriate population. The competition for good quality housing has pushed up rental rates and meant occupancy levels remain high. Waiting lists are also commonplace for popular apartment complexes. We recommend that the appropriate documentation and funds be ready before a home finding trip, so that once a suitable property has been found, an assignee can act quickly to secure it.
Want to find out more about the current residential rental markets in Shanghai, Beijing and Guangzhou? Download our latest China Market Watch.