Beijing's real estate agencies vow to keep rent unchanged

(ECNS) - Beijing’s 10 apartment renting platforms have pledged not to raise the rent and offer a total stock of 125,725 apartments to help maintain market stability, Beijing Evening News reported on Monday.

At a meeting held by Beijing Real Estate Intermediary Association on Sunday, managers from the major rental service providers, including Ziroom.com, 1zu.com, and Dankegongyu.com, vowed to implement the "three-not" requirements of Beijing Municipal Commission of Housing and Urban-Rural Development.

The three requirements are: not using funds raised for excessive competition, not jacking up rent above the market level, and not instigating landlords to cancel contracts and raise rents.

The meeting urged real estate agencies to help promote healthy development of the rental market by improving management of agents.

In July this year, housing rents in first-tier cities including Shenzhen, Beijing and Shanghai increased by 3.1 percent, 2.4 percent, and 2.1 percent respectively, Xinhua reported.

The report also said some apartment rental service start-ups, in their business expansion, competed fiercely to offer more houses for rent as July and August are the usual months for massive rental demand and price surges.