THE average monthly rent in Shenzhen was 63.33 yuan (US$9.74) per square meter last year, 19.7 percent higher than that in 2014, the Shenzhen Economic Daily reported yesterday.

    Statistics from Midland Realty showed the monthly rent in Futian District was 75.04 yuan per square meter on average last year, the highest among all districts.

    The large demand for rental housing in Futian and Nanshan districts drove up the rent in both areas, while the monthly average rent in Longgang District of about 38.08 yuan per square meter was the lowest citywide.

    According to Midland Realty, urban reconstruction projects led to the growing demand for rental housing last year, while the declining supply also pushed up the rent prices as property owners sold their houses instead of keeping tenants.

    Data from Centaline Property showed that the demand for rented housing in Longgang District was the highest citywide last year with the lowest rental price. Metro line 3 has shortened travel time for commuters working in Futian District where the monthly rent is highest. The trading volume of rental housing in the Buji area, close to Luohu District, also witnessed rapid growth.

    The Pingshan express railway that came into service in September last year is expected to drive up rent in Pingshan New Area in the long term, according to Centaline Property.

    Although the rent in Futian, Nanshan and Luohu districts are rising, 60 percent of apartments larger than 144 square meters are shared by multiple tenants.

    The speed of the rise of rent prices in Luohu is slowing down, with a growth rate lower than that in Futian and Nanshan.

    According to Midland Realty, the return rate of rental housing in Shenzhen has remained below 3 percent since November in 2012. (Zhang Yang)