(ECNS) -- University graduates and China's floating population, those who left their place of origin to seek employment or education elsewhere, dominate the housing rental market, according to a report by Chinese listings site 58.com.
The report said the average floating population reached 246 million a year from 2015 to 2017. The majority migrated to the economically developed regions of Beijing-Tianjin-Hebei, the Yangtze River Delta and the Pearl River Delta, boosting demand for rental apartments.
From 2014 to 2018, more than 38.32 million students graduated from universities and flooded to coastal areas seeking jobs, adding to rental demand.
Data shows that 79.4 percent of renters look for apartments under 2,000 yuan ($291) a month.
The national supply of rental apartments increased 36 percent in 2018, mostly in Shanghai, Beijing and Shenzhen.
Monthly rental was 40 yuan per square meter per month in 21 cities, an increase of five percent a month over the previous year. Four cities – Beijing, Shenzhen, Shanghai and Hangzhou – had an average monthly rental of more than 50 yuan per square meter per month, according to the report.
