The long-term rental apartment industry will usher in changes.
Recently, the Ministry of Housing and Urban-Rural Development, the National Development and Reform Commission, the Ministry of Public Security, the General Administration of Market Supervision, the China Banking Regulatory Commission, and the National Network Information Office issued the Opinions on Rectifying and Regulating the Order of the Housing Leasing Market (hereinafter referred to as the Opinions), which clearly stated that it is necessary to strengthen the supervision of "AG low-income" leasing enterprises, standardize "lease loans", implement online lease signing, and incorporate rents into bank supervision accounts.
As a supplement to the housing system of buying and renting, long-term rental apartments once became a way out, but in the early stage of industry development, the market standardization level was not high and the profit model was not clear. Some long-term rental apartments have grown wildly and frequently exploded. The "Opinions" emphasize standardizing the business behavior of the main body of the housing leasing market and safeguarding the legitimate rights and interests of all parties to housing leasing, especially the tenants. What is the effect of this powerful medicine on young people's rental pain?
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In 20 19, the number of long-term rental apartments "broke out" reached a new high. According to the statistics of major media and public information, in 20 19, 53 parents rented apartments, of which 45 were broken away, 4 were acquired, and 4 were in arrears or refused to pay rent. Taking Le Jia apartment in July last year as an example, the "high income and low rent", self-built "cash pool" and cash flow problems led to its final bankruptcy, which triggered many tenants' rights protection.
Chai Qiang, vice-president and secretary-general of CIREA China Association of Real Estate Appraisers and Realtors, said that some so-called "low AG" housing leasing enterprises may cheat in the name of housing leasing enterprises from the beginning, but they are not real housing leasing enterprises.
According to the opinions, the Ministry of Housing and Urban-Rural Development and other departments will strengthen the supervision of housing leasing enterprises that adopt the business models of "AG's low rent" (the rent paid to the housing owner is higher than the rent paid to the lessee) and "long rent and short payment" (the rent paid to the lessee is longer than the rent paid to the housing owner), and guide the housing leasing enterprises to include the rent and deposit in the bank supervision account. For housing leasing enterprises that do not have the ability to continue to operate and expand too fast, measures such as interviewing warnings, suspending online signing and filing, and investigating according to laws and regulations will be taken.
According to Zhang Dawei, chief analyst of Zhongyuan Real Estate, the Opinions made it clear for the first time that these "AG low-paid" leasing companies are high-risk leasing companies that "eat the difference".
There are two kinds of long-term rental apartments in China: "centralized" and "decentralized". Centralized operation is mainly based on the traditional commercial real estate operation mode, using self-sustaining land development or building whole rent transformation, such as Vanke Park and Longhu Guanyu. Decentralization mainly extends from the leasing intermediary business, relying on the householder's house for integrated decoration management, similar to the "second landlord", such as free, green guest and so on.
Zhang Dawei believes that long-term rental of apartments is the transformation of stock and deals with the owners' assets. These "AG low-paying" enterprises do not own the property rights of houses, nor do they do incremental transformation. They just rent out houses, thus cutting down more space and raising rents, so as to eat the difference.
"The leasing industry is a livelihood industry related to ordinary people, especially low-and middle-income people. Capital-driven leasing companies are grabbing houses, but the low-and middle-income groups corresponding to ordinary houses can't afford such high rents, and high hoarding rate leads to high vacancy rate. In this model, losses are inevitable. "
Recently, a long-term rental apartment housekeeper reported that due to the cold market, the platform was reducing or even stopping to accept houses in the market two or three months ago, which was in stark contrast to the scene of major platforms grabbing houses at high prices a year ago.
What should a benign housing rental market look like? Zhang Dawei believes that cascade consumption should be reconstructed by three parts, and small owners occupy most of the customers' shares, and the two interact directly; A small number of them are leasing companies facing the middle and high-end market and managing their own assets. They pay more attention to the quality and safety of houses, as well as maintaining and increasing the value. The "second landlord" leasing enterprises can be distributed in some hot areas, and it is normal to occupy 10%-20% market share.
The long-term rental apartment industry has entered a critical period of "survival of the fittest". Chai Qiang believes that if the housing rental market order is well regulated, the "black sheep" can be eliminated, which will make room for the standardized housing rental enterprises and be conducive to their sustainable development.
Introduce banks and control the hand of "leasing and lending"
On the one hand, it matches landlords and tenants; on the other hand, it uses tenants' credit to borrow money from banks or other lending platforms, and then uses the borrowed funds to obtain more houses. This "rental loan" model has caused many tenants to fall into the pit of "returning the house and repaying the loan".
201910128 October, Danke apartment went public in the United States, and "rental loan" was the biggest source of cash flow. According to the disclosed prospectus, in the first nine months of 20 17, 20 18, 20 19, Danke apartment directly obtained 65,438+1000000 yuan from tenants, and 280 million yuan and 790 million yuan from financial institutions. Only in the first nine months of 20 19, the advance payment of rent obtained through "rent loan" accounted for 80% of the rental income, which reached 90% and 88% in 20 17 and 20 18 respectively.
Such a highly leveraged "rental loan" may bring huge financial risks. The opinion puts forward that "the amount of housing lease loans should not exceed 30% of the income of enterprises, and those exceeding the proportion should be adjusted before the end of 2022." "Do a good job in pre-loan investigation and post-loan management, strictly review the purpose of loans, and prevent housing leasing enterprises from forming a fund pool and adding leverage. Housing leasing enterprises shall not require or induce tenants to use housing leasing consumer loans. "
Dennis Huang, co-founder of Xiezong Strategic Management Group, once said that healthy operators simply don't need "rental loans". Serviced apartment itself is a natural lever, and the rent time difference itself brings cash flow. If the enterprise uses "rent loan", it means that multiple levers are superimposed and the risk is great, and the risk is passed on to consumers.
Liu Xiang, CEO of Youke Yijia, a long-term rental apartment brand, believes that the core risk of rent staging is essentially the prepayment risk of the East (including the owners and leasing operators). In the absence of long-term low-cost financial support and the ability to pay performance rewards, some secondary operators of the "charter+investment decoration" model overuse the "lease loan" with defective risk control, and increase leverage through mismatched account periods, short-term loans and long-term investment, resulting in an industry bubble.
Since 20 18, when the relevant departments put forward the risk warning, Youkeyijia completely stopped using rental installment products. However, Liu Xiang believes that leasing loans are meaningless and it is not practical to monitor the use ratio of leasing operators. He suggested that the policy only needs to guide and encourage Fang Dongfang to open a rent supervision account in a bank with a platform account system, and the bank that has mastered the business flow and capital flow information will implement the freeze supervision and match the corresponding loan support. The competent department can use part of the financial subsidy funds to reward the house owners who use the rent supervision mode, and officially certify and publicize the rented houses that use the rent supervision mode to guide the industry to form a healthy ecology.
In fact, preventing financial risks through rent supervision accounts has been piloted in some "hardest hit areas". 2065438+September 2009, the four departments of Nanjing jointly issued the Notice on Further Standardizing the Housing Leasing Operation to Prevent Market Financial Risks, pointing out that the housing leasing rent custody system should be established, special accounts should be set up in banks, and rent bank custody should be implemented. In June of the same year, 5438+065438+ 10, "Hangzhou Housing Leasing Fund Supervision Measures (Trial)" clearly stated that "custody-type" housing leasing enterprises must freeze part of the funds in the special deposit account for leasing funds as risk prevention and control funds, which can be used to pay the rent of the entrusted lessor and return the deposit of the lessee under certain circumstances.
"To control rental loans, banks must be introduced." Wang Lina, a researcher at the Real Estate Finance Research Center of the Institute of Economics of the Chinese Academy of Social Sciences, stressed that to prevent the third party from overusing credit leverage, banks need to actively cooperate, make full use of the bank's complete supervision and review system, and strictly approve loans.
The housing management service platform has become a new fulcrum.
In addition to rectification, the Opinions also revealed another market turn: cities with strong rental demand should build housing management service platforms by the end of 2020. The platform is required to have the functions of institution filing and business opening report, house verification, information release and online signing filing; Establish a database of real estate agents, housing leasing enterprises, employees and leased houses, and strengthen market monitoring.
Previously, the housing management service platform has been implemented in Shanghai, Shenzhen, Suzhou and other places, but the platform effect has not been clearly reflected. "How to guide enterprises to provide consumers with more convenient information and services should be something the government does." Wang Lina said that the housing management service platform led by the government and relevant departments can reduce information asymmetry, reduce consumers' search costs and prevent leasing companies from competing for customers irrationally.
Zhao Xiuchi, vice president and secretary general of Beijing Real Estate Law Society, said that it is the future trend to publish houses and complete lease transactions conveniently through the housing management service platform. Grasping the real information of the rental market through the platform can provide a basis for formulating real estate policies. In addition to the supervision function, the platform should also truly realize the service function, allow individuals to publish houses on the platform, realize hand-in-hand transactions, and truly reduce the rental cost.
The opinion also puts forward the policy of transforming idle commercial office buildings, industrial plants and other non-residential buildings into rental housing according to laws and regulations. This will further solve the problem of limited land supply for rental housing. Chai Qiang said that in developing and standardizing the housing rental market, development is still the main theme.
What will happen to long-term rental apartments in 2020? He Guang, vice president of Leju Apartment Public Relations and Key Account Management Center, said that long-term rental apartments will gradually enter the asset management era in 2020, which requires professional asset custody and operation institutions.
The long-term rental apartment industry has entered the first adjustment period. He Guang said that the good side is that the market is returning to rationality, and it has become industry knowledge that it does not rely on blood transfusion in the capital market, refined operation, and attaches importance to asset management and profitability.