Deposit and loan interest rates have been lowered, and rental returns have become a "selling point"

In the interview, the reporter found that some new housing projects will focus on rental returns.

"The discounted price of new houses on our side has returned to the level of 2018, but the rent near the old city is guaranteed, and the 95-square-meter house is sold for 5.7 million yuan, with a monthly rent of 10,000 yuan, and the rental return rate is more than 2%, which is better than keeping money in the bank." In Shenzhen's Luohu district, a number of real estate agents have acted as "road ragepers", selling new houses in the vicinity to passers-by, and the rental yield has become one of the biggest selling points.

Wu Jiaming/photo

Home buyers are concerned about rental returns

Recently, the Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank of China, and the China Construction Bank have lowered the listed interest rates on RMB deposits, and the two-year, three-year, and five-year interest rates have been reduced by 20 basis points, and the adjusted interest rates are 1.45%, 1.75%, and 1.8% respectively.

On the other hand, commercial mortgage interest rates have once again refreshed their all-time lows. Taking the mainland cities of the Guangdong-Hong Kong-Macao Greater Bay Area as an example, data from the Shenzhen Leyoujia Research Center shows that the value implemented by more local banks can be divided into three echelons: the first echelon is Guangzhou, Dongguan and Foshan, and the interest rate for the first home is between 3.05% and 3.10%; The second echelon is Zhongshan, Huizhou, Zhuhai and Jiangmen, with an interest rate of 3.25% for the first home; The third echelon is Shenzhen and Zhaoqing, with a first-home interest rate of 3.4%. The cities with the most cost-effective interest rates for second homes are Foshan, Zhuhai and Jiangmen, with interest rates ranging from 3.35% to 3.45%. In addition, it is also reported that if the application amount reaches the corresponding threshold, some banks in Guangzhou will reduce the interest rate on the first home to 2.95%.

At present, the interest rates on deposits and loans have been reduced. In the interview, the reporter found that some new housing projects regard the rental rate of return as the focus of publicity, and many real estate agents have re-regarded the rental rate of return as the focus of sales terminology.

Generally speaking, the rental return rate refers to the ratio of the rental income obtained from renting a house to the cost of the house, which is a key indicator to determine whether the property is worth investing in. According to data from Shenzhen Zhongyuan Research Center, in the first half of this year, Shenzhen's rent showed a trend of first rising and then falling, and the average rent in Shenzhen in June was 69.8 yuan / · month. From the perspective of rental returns, in the first half of the year, Shenzhen's rental returns continued to rise slightly due to the continuous decline in housing prices, and the current average rental return rate in Shenzhen is 1.65%.

However, in the interview, the reporter found that in the context of falling housing prices, the rental yield of small houses in some central areas exceeded 2.4%, which has exceeded the current interest rate of 5-year fixed deposits of banks, and the relatively high rental yield has once again become a consideration for some buyers.

Wu Jiaming/photo

Rental yields show "first falling, then stabilizing and then rising"

From the perspective of the national market, according to the monitoring of the Zhuge Data Research Center, the average rental return rate in the key 50 cities in the first half of this year reached 2.03%, an increase of 0.07 percentage points over the same period in 2023. In the past six years, rental yields have shown a trend of "falling first, then stabilizing and then rising", reaching a new high since 2019 in the first half of this year, indicating that the feasibility of residents to obtain income through renting has initially improved. However, the reasons for the change in rental returns vary from tier to tier. Rents in first-tier cities have fallen more than housing prices, resulting in lower rental returns; Rents and housing prices in second-tier cities continued to decline, with rental returns rising because of a more pronounced decline in house prices. The continuous increase in rental returns in third- and fourth-tier cities is mainly due to rising rents, while housing prices continue to decline due to the lack of stable home purchase demand.

Li Yujia, chief researcher of the Guangdong Provincial Housing Policy Research Center, said that the current mortgage interest rate for the first home is generally around 3.2%, and after the deposit rate falls, most banks still have room to reduce the mortgage interest rate. The decline in mortgage interest rates will undoubtedly lead to an increase in commercial housing sales. On the one hand, it directly reduces the repayment pressure of home buyers, which is a real cost reduction effect; On the other hand, it can bring the effect of boosting expectations and stimulate the purchase willingness of home buyers, especially for those who are on the edge of the threshold for buying a house and those who need to change houses. "However, from past experience, the promotion effect of interest rate cuts on the real estate market is often more biased towards short-term transaction benefits, and the long-term effect on home purchases is insufficient. In order to make the positive effect of interest rate cuts appear in the long run, the relationship between supply and demand in the property market, housing price trends, policy environment and other factors need to be optimized simultaneously. ”

Editor-in-charge: Zhu Yumeng

Proofreader: Li Lingfeng

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