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Original title: Reducing the cost of land acquisition and standardizing the operating mode is the only way to develop long-term rental apartments
Recently, the sustainable management of long-term rental apartments has attracted widespread attention from all walks of life. To clarify its future direction of development, it is necessary to carefully analyze the problems that long-term rental apartments hope to solve at the beginning of the design and the problems of long-term rental apartments.businessBusiness model.
The background of the introduction of long-term rental apartments is that the overall housing construction in China after the reform and opening is sufficient for all residents.National statistical officePublished data show that in 2019 the per capita living area of urban residents in China reached 39.8 square meters and the per capita living area of rural residents reached 48.9 square meters. This level has actually surpassed many developed countries.
Many cities in recent yearsPrice of the houseThere are still expectations of an increase, this is whyreal estateWith investment attributes, the state has pursued the “housing for living without speculation” policy since 2017 to solve this problem; on the other hand, the residents havepropertyThe separation between the home and the actual place of residence causes a poor allocation of resources. As a result, there has been a strong demand for housing rental in large and medium-sized cities and a huge housing rental market. On the other hand, the development of the Chinese home rental market is still relatively “young” .supplyComposed primarily of personal housing, leading to inconsistent rental service standards, disputes between individuals and brokers, brokers and homeowners, and individuals and homeowners are prone to chaos in the rental housing market, which is grossly incompatible with high quality development.
Therefore, to promote the construction of long-term rental apartments, fromBrandenterpriseDevelop unified decoration standards, unified service standards, and unified pricing standards to deliver high rentersqualityRental services have become an important way to solve the problems mentioned above. In recent years, China has also issued a number of policies such as the same rental and sale rights, further standardizing the rental market and encouraging real estate companies to build rental housing, focusing on supporting the development of the rental housing market. on an institutional basis to effectively meet the needs of the housing market.
The overall logic of the aforementioned policies is not problematic, the key lies in the way businesses operate. Long-term rental apartment operations are mainly divided into two modes, one is the heavy mode for privately owned properties and the other is the light mode for the integration of inactive social housing.
The asset-heavy model of autonomous properties is that the operating company owns the entire property and leases it after the unified restructuring.The advantage of this model is in ownershipCancel property rights, And they’re all greatreal estateServices can be guaranteed for business operations. Of course, the shortcomings of this model are also very noticeable. It requires operating companies to have sufficient financial strength to purchase property. Since the overall rental rate of return in China’s first and second tier cities is low, tier one cities are less than 2%, which means that if the current price Buying a property takes at least 50 years to recover the investment without calculating the cost of decoration and daily operation and maintenance.profitalmost none. This also means that the companies operating in this mode are basically developers. The reason they manage long-term rental apartments is also due to the initial phaselandThe auction requires owned properties, although the cost is lower than buying on the market, the profit margin is still very low.
The asset-light model of inactive social housing integration is that the operating company itself has no privately owned property and the properties they manage are leased by the owner. the ownerto contract, It is agreed to pay the lessor’s rent every quarter and the tenant will receive a lump sum payment of one year or more of the rent, or simply through the securitization of assets to bebankTo obtain future rental income, the “long-term income and short-term payment” model is adopted, thus forming a certain scale of capital pool, through which the expansion of scale or simply throughFinancial managementGenerate income.The advantage of this model is that operating companies do not need to invest as much capital as privately owned properties early on and can quickly achieve large-scale expansion in a short period of time after obtaining financing in the capital market; the disadvantage is that the operating companies are required to increase the rotation speed and improve the quality of service, the vacancy rate must be kept at a low level, otherwise it will produceLost。
Looking back on the years of actual long-term rental apartment operation in 2016 and 2017, the state has stepped up its political efforts to encourage the development of long-term rental apartments. Long-term rental apartments are the “sucker” of the capital market and a large number of low-power operating companies have sprung up. Appear, usethe networkModel operation of long-term rental apartments. It attracted capital from all walks of life for a while, which caused a farce to appear in which many operating companies traded prices on the market to fight for housing.
But as everyone knows, takeaways, taxis and other industries useInternet thinkingThe operation can be successful mainly due to theseindustryIn the early stages of development, you can constantly burn money in exchange for market share. When there are only 3 companies left on the market, the giant companies can use theirsIndustrial chainThe upper levels of the right to speak upstream to increase the proportion of shares with partners and downstream to raise prices for consumers, quickly generating huge profits.
The rental market is obviously different, on the one hand the rental market is currentlyIndustrial concentrationIt is very low. In many cities, individual rental housing is still the main model. It is difficult to greatly increase market concentration in the short term by relying on Internet thinking. Oligopoly is unlikely to emerge in the short term and it is difficult for operating companies to make profits through monopolistic positions in the market; On the one hand, the long-term rental apartment management company adopts the ‘long-term receipt and short-term payment’ model + asset securitization to form a pool of funds that will cause potential risks of misappropriation of funds.
From the above analysis, it can be seen that the development direction of long-term rental apartments is right, but whether it is resource-intensive or low-power operations, there are their problems in actual operation. From the point of view of a healthy development of the entire sector in the future, policies aimed at the two aspects of reducing land acquisition costs and standardization of operating models should be introduced.
The reduction in the cost of land acquisition is mainly aimed at the asset-heavy model of privately owned property, with the main purpose of reducing the cost of land acquisition by operating companies through the conversion of the land acquisition model and making Profitable operating companies. Previously, the state had carried out pilot projects using collective building plots to build rental housing in 13 cities, including Beijing, Shanghai and Hangzhou. However, the overall scale was small and the impact on the overall market structure was relatively limited. In the future, collective land investment can be increased when the pilot project is mature, Or allow industrial land to enter the city for long-term apartment rental operations, to truly revitalize the stockland resource, Managed by large companies, formingbrand effect, Reduce market risk.
The standardized operating mode is primarily aimed at the light asset model. In the future, unified industry standards should be introduced from multiple perspectives such as controlling the leverage ratio and securitization rate of operating companies’ assets, regulating the collection and use of rents, and the formation of institutional constraints on operating companies to promote the development of industry standards.
(Source: China Business Network)
(Responsible publisher: DF537)
Solemnly declares: The purpose of this information released by Oriental Fortune.com is to disseminate more information and has nothing to do with this booth.
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