MORE than 80% of Shenzhen citizens rent apartments, and nearly 70% of them are young people under the age of 35, a report from Shenzhen Beike Research Institute showed.

The Beike questionnaire results show that 81.5% of Shenzhen citizens live in either an individual or joint lease. Many Shenzhen homeowners also choose to rent apartments, especially young people, and those under 35 account for 69% of the tenants.

According to rental statistics targeting homes rented from ordinary owners (not property management companies), 42.6% of the tenants under 30 rent one-room apartments, suitable for an individual or a couple, with a private space and low price.

There is a higher ratio of tenants aged 31-35 renting two- or three-room apartments, which is related to these tenants’ family needs and improved financial capabilities.

According to the Beike statistics, nearly half of people under the age of 30 rent apartments costing no more than 4,000 yuan (US$594) a month but pay a higher-than-average rent per square meter as they tend to choose fully furnished apartments.

The rent per square meter for tenants aged 31-35 is not only lower than that of those under 30, but also lower than the average rent of all age groups.

The report showed that 63.5% of the tenants have a rental to income ratio of less than 30%, and 21.1% of the tenants’ rents account for over 40% of their incomes.

Beike Research Institute is under KE Holdings Inc. (Beike), China’s largest online and offline housing transactions and services platform.

(Windy Shao)