We all know that Beijing’s rental rates are getting crazily expensive… and fast. Just last year a study ranked China’s capital as the world’s least affordable city to rent. It’s a bummer, to say the least.
Well, considering there’s no stopping the rapidly increasing rental prices in popular downtown areas many people are choosing to flee the city center in search of cheaper accommodation. That’s right, before too long the suburbs might just be the new “it” places to live in Beijing. Unless you have a trust fund, that is.
READ MORE: Beijing Couple Spends a Whopping $58,000 Renovating Rented Home
According to a study completed by a major property firm called 5i5j, three communities in northern Beijing recently reported the highest percentage of rental contracts. These communities included Huilongguan (Changping), Beiyuan (Changyao) and Shangdi (Haidian).
To put it in perspective, the number of rental contracts drawn up in Huilongguan increased by roughly 277 percent in 2014, 24 percent in 2015 and 44 percent last year.
With this in mind, it makes sense that rentals in downtown Beijing have been on the decline in the past few years. The expansion of Beijing’s subway has also made it more attractive for residents to live in the suburbs and commute into the city.
In case you're wondering Fengtai, Daxing and Tongzhou are becoming increasingly popular for their relatively cheap rental rates.
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