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Shenzhen's office workers spend 1/3 of salary on rent

2014-December-4       Source: Szdaily.com

Shenzhen's white-collar workers are spending one-third of their monthly income on housing on average, Shenzhen Economic Daily reported yesterday.

Shenzhen's white-collar workers are spending one-third of their monthly income on housing on average, Shenzhen Economic Daily reported yesterday.

A citizen surnamed Luo who is living in a rented apartment complained that the city’s rent prices are rising too fast. Luo said her landlord recently increased her rent from 1,500 yuan (US$238) at the beginning of the year to 2,000 yuan, meaning that she now spends 30 percent of her monthly income on rent.

Statistics from real estate analyzer Centaline Property indicate that the city’s average rent in October was 65.2 yuan per square meter, a 3.2-percent increase from September.

For instance, an 80-square-meter apartment costs an average of 5,216 yuan per month.

Rent accounts for 30 percent of most white-collar residents’ monthly income, based on the average monthly wage in 2013 of 5,218 yuan, according to a figure supplied by the city’s statistics bureau. A renting report by 58.com indicated that Shenzhen has the third-highest cost of renting following Beijing and Shanghai.

A report by Zhaopin.com said that about 61 percent of the city’s white-collar workers live in rented homes and more than 40 percent said they spent more than 1,000 yuan per month on rent. (Continued on P2)

The rising cost is prompting more and more people to seek residence in cheaper remote areas in Longgang and Bao’an districts.

A woman surnamed Ke who has worked in the city for one year said she had to spend nearly half of her 4,000 yuan monthly salary on rent for a place near her office in Nanshan District. Ke said many of her friends are facing similar pressures with the combination of high costs of living and low salaries. “I have about 1,000 yuan for meals after paying my rent, commuting expenses and utility bill,” she said.

A real estate broker surnamed Lin in Jingtian, Futian District, said that rental housing for fresh college graduates may account for a higher percentage of their income, upwards of 50 percent.

“Many homeowners who had planned to sell their properties began to put them up for rent after a loosened home loan policy was implemented on Sept. 30. However, the cost of rent continues to rise despite increasing supply in the market,” said a real estate broker in Baishizhou, Nanshan District.

The city’s rising cost of rent for office buildings is also putting pressure on enterprises.

Statistics from real estate consultant DTZ indicate that rent in the city’s top-ranking office buildings has been growing an average of 9.5 percent each year since 2010.

The city’s average rent cost in office buildings is 220 yuan per square meter per month, ranking it fourth among cities in China. Rent reportedly accounts for 30 percent of corporate expenditure in the city.

Editor: 王凯

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