The rental property market dropped you guys because probably they can't rent it out, or rent it out at the price you want to get. If you can't get it rented out or rented out at a good price it's probably a good indication as well when you want to sell it. To give you some idea I live in a house in Gubei, this used to be very much in demand especially among foreigners/Taiwanese, these days 50% is empty. Agents keep coming by but from what I can tell nothing sells. I saw one property come down over 10 million, still zero takers.
I would argue if you can't get it rented out, probably it's for a very simple reason you expect to much in the current market. Cutting 30 to 50% isn't unheard of currently to get anyone interested.
And sure there are some really prime locations that remain steady, but 95% of the market isn't prime.
Could you reduce the rent then? If the rental prop. management dropped you, it's because you probably want too much, what do you think is gonna happen when you try to sell it? The real estate agencies are also going to tell you to lower your price.
and about what's going on? Big cities in China (especially SH/BJ) still have one of the world's highest rents compared to income. There are fewer expats, Companies hiring those expats 95% of the time don't give expat packages anymore, Covid happened, Lots of layoffs, much fewer jobs, the economy is not going well, and companies in SH give much lower salaries than before. The rent prices are crazy for the 老百姓, especially in the center.
I had to move last year because my landlord is selling the crib. My friend is the same. People are in panic mode, trying to get out. Sentiment is dogshit.
It’s weak but good location still holds
The rental property market dropped you guys because probably they can't rent it out, or rent it out at the price you want to get. If you can't get it rented out or rented out at a good price it's probably a good indication as well when you want to sell it. To give you some idea I live in a house in Gubei, this used to be very much in demand especially among foreigners/Taiwanese, these days 50% is empty. Agents keep coming by but from what I can tell nothing sells. I saw one property come down over 10 million, still zero takers. I would argue if you can't get it rented out, probably it's for a very simple reason you expect to much in the current market. Cutting 30 to 50% isn't unheard of currently to get anyone interested. And sure there are some really prime locations that remain steady, but 95% of the market isn't prime.
Could you reduce the rent then? If the rental prop. management dropped you, it's because you probably want too much, what do you think is gonna happen when you try to sell it? The real estate agencies are also going to tell you to lower your price. and about what's going on? Big cities in China (especially SH/BJ) still have one of the world's highest rents compared to income. There are fewer expats, Companies hiring those expats 95% of the time don't give expat packages anymore, Covid happened, Lots of layoffs, much fewer jobs, the economy is not going well, and companies in SH give much lower salaries than before. The rent prices are crazy for the 老百姓, especially in the center.
I had to move last year because my landlord is selling the crib. My friend is the same. People are in panic mode, trying to get out. Sentiment is dogshit.