The demand for house rentals in Shanghai has rebounded. However, renting a home, even a hotel room, can be challenging for young people.
According to National Business Daily, the average rent of houses in 65 cities across China was 30 yuan (4.4 dollars) per square meter a month, a month-on-month increase of 0.27%.
Tang Xiao, a resident in Shanghai, told National Business Daily that she received a rent increase notice from the landlord after the lockdown was lifted. She and her friends have no choice but to accept the request for a monthly rent of 400 yuan ($60)
Lu Wenxi, the Shanghai Centaline Real Estate Market analyst, also admitted that the transaction volume and rents sharply increased when Shanghai eased isolation. In terms of listed supply, Shanghai increased 147%, and rental demand rose 95% month-on-month.
With the rise in rental house prices, setting up a home in a hotel is becoming an option for students.
According to a report by Economic View, Zhang Yuan, who worked in Shenzhen, has stayed in a hotel for two years. He claimed that hotels provided for the necessities of life and had financial benefits.
Tai Guofeng, general manager of BTG Homeinn Hotel Group, said that the long-term rental business could supplement the shortage of cash flow due to the epidemic. The age group of customers is concentrated in 25-35.
Hotels have become synonymous with convenience, worry-free, and cost-effective for the younger generation. However, settling in a hotel faces difficulties, such as lack of soundproofing, poor sleep, no cooking, and doing laundry.