THE cost of renting an apartment in Shenzhen has declined for two months, with the average monthly rent of apartments dropping to 69.8 yuan (US$10.12) per square meter last month, according to sznews.com.

    Data from Centaline Property showed that the average rent of pre-owned apartments in Shenzhen is 69.8 yuan per square meter per month, with a month-on-month decrease of 2.8 percent.

    Home rent in Longhua New Area saw the largest slump at 4 percent, followed by Futian District going down by 3 percent.

    “The monthly rent of a 74-square-meter apartment with two bedrooms in a Longhua housing estate is 4,300 yuan right now, but it was 4,500 to 4,700 yuan in the first half of the year,” said a realty agent in Longhua New Area.

    He said that the end of the year is a low season for the rental housing market, which explains the decline, especially in Longhua New Area. However, the market is expected to bounce back when the low season ends.

    Around 60 percent of rental apartments on ganji.com and 58.com have seen 4 to 6 percent declines in rent over the past two months, according to the report.

    The rent in Shenzhen has dropped by 5.7 percent over the past two months, while the rates of decline in Futian, Nanshan and Bao’an districts were above 6 percent. (Zhang Yang)