Beijing rents on the rise

As home prices go up, rental costs tend to follow. In Beijing, many people are now choosing to rent instead of buying a home and that's driving up the market.

Rents in Beijing rose in March this year by 8.4 percent, compared to the same period last year. Apartment rents surged 9 percent year-on-year in the first quarter of 2013.

The average cost of renting a two-room flat in Beijing was 3 to 4,000 RMB a month in the first quarter of 2012. That's about 500 to 650 US dollars. But now, it's hard to find a two-room flat rent lower than 5,000 yuan, or 800 US dollars.