Xiamen sees house rent hikes amid graduation season and summer holiday
A fresh round of residential rent increases in Xiamen has come alongside the graduation season and summer holiday.
Major groups of tenants, including graduates seeking jobs in Xiamen and parents who need to rent houses near schools to take care of their children, are pushing rents higher during this year's summer holiday.
According to reports, small apartments with one or two rooms have been very popular among tenants, and the residential rents in the city have increased on average by 200 yuan per month.
In Xiamen, houses near schools are much more expensive than in other areas. Usually, the supply of houses jumps as the summer holiday begins and parents who want to rent houses near their children's schools rush to rent houses.
According to a real estate agent near the Xiamen No.1 Middle School, although rents have gone up, small apartments are still in short supply at present. The rent for a two bedroom apartment has risen by around 200 to 500 yuan in that area.
In addition, Xiamen is a popular destination for job-seeking graduates from universities and colleges in Fujian. Rents usually go up in July as a large number of graduates come to Xiamen to find employment.
Why Xiamen
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Xiamen is one of the most economically competitive cities in China and was one of the first Special Economic Zones on the Chinese mainland. As a vice-provincial city independently listed on the State development plan, it has provincial-level authority in economic administration and local legislative power. In 2010, the Xiamen SEZ was expanded to cover the entire municipality. Today, Xiamen is a modern and international port city.