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Home Rentals More Expensive in Beijing
    2008-06-22 14:50:39     CRIENGLISH.com
Prices for home rentals in Beijing are at a new high as the Olympic Games draw near.

University graduates account for a major part of home rentals in the capital. But this year increased demand from Olympic visitors for short-term home rentals is pushing up prices more than usual.

Jin Yusong, deputy manager of a Beijing real estate management company, says Beijing's home rental prices have risen 20 percent in the past year.

"The Olympic Games are coming, and many people are waiting to see whether house prices will drop after the Games. This has contributed to the prosperity of the house rental market. Meanwhile, many home renters find that they can make a profit by renting out their houses."

Data from some of Beijing's real estate agencies show that the number of homeowners who have decided to rent their homes instead of selling them increased by 10 percent during the first half of June.

Here is a homeowner.

"I've been waiting to sell my house. Now I feel that it's a good idea to rent it out. After all, I can make some profit."

Homeowners say that renting their houses instead of keeping them for sale on the market will let them earn some money while they wait for a buyer.

They also say they are waiting for home-buying demand to pick up so they can sell their houses at higher prices.

Figures from a local statistics authoritiy show a big fall in Beijing's housing sales in the first four months of the year, down nearly 50 percent from the same period last year.
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