The long-term rental market in China is entering a boom period with the market size expected to grow to 5 trillion yuan (7 billion) by 2030, said an industrial expert.
"According to our research, in 2017, 1.2 trillion yuan worth of deals were made in the country's rental market," said Xie Yong, CEO of the Beijing-based 5i5j Group, one of the country's biggest real estate groups.
"Now 194 million people live in rented places, accounting for 13.9 percent of the population, still lower than Japan and the United States," he said. "By 2025, the market size will grow to 3 trillion yuan with the tenant number reaching 252 million."
"300 million people will be able to get a roof over their heads by renting by 2030," he said.
He said those born after the 1990s will become the major target demographic of the rental market.
"The change in concept and consumption upgrades will drive young people to rent a place," he said.
According to Xie, in 2017 the country promoted a number of policies in the industry by cultivating the market, giving favorable tax policies and financing support, increasing land supplies, and enhancing market supervision.
"Supporting policies are the 'infrastructure' for the long-term rental market and they stimulate it to grow fast," he added.