Shanghai's rental demand recovers rapidly as COVID restrictions lifted
By Chen Tong

Demand for rental properties in Shanghai has been on the rise since the city lifted COVID restrictions on June 1. Real estate agency Lianjia's data show that the total area rented out from June 1 to 19 has recovered to 90 percent of the same period last year.

Chao Wenxiu, a real estate agent who takes care for the Sanlin area in Shanghai's Pudong New Area, said her store is receiving much more consultancy than it had before the city's recent outbreak in March.

"We arrange about five or six viewings a day, sometimes seven or eight. That's two viewings more compared to pre-outbreak times. You can barely find an agent at the office because they are all out working," said Chao.

Zhang Di, a college graduate in Shanghai, is one of the renters. He used to share a flat with others but is now looking for a new apartment to live by himself.

"I just want to find a new and better environment. I have been staying in my old apartment for more than two months," said Zhang.

Real estate consulting firm Cushman & Wakefield said most of the current rental demand comes from renters looking to upgrade apartments or college graduates.

The rapid recovery in Shanghai's rental market stems from the demand that has been in stock over the past two months. But with Shanghai gradually resuming business activities, demand is expected to be spurred among job seekers from other cities.

"Shanghai obviously is a city that attracts a lot of people, attracts people around China and also attracts international workers as well. Shanghai is an international city and a cosmopolitan city as well. It offers a huge amount of opportunities for people to look for employment," said Shaun Brodie, head of Occupier Research at Cushman & Wakefield, Greater China.

So far, other provinces in the Yangtze River Delta such as Jiangsu and Zhejiang have loosened travel restrictions for people coming from Shanghai. With travel gathers pace, the real estate market in Shanghai is expected to recover even more rapidly in the following weeks.

Search Trends