China’s shared accommodation market generated a total transaction of 14.5 billion yuan (US$2.27 bn) in 2017, up 70.6% from a year earlier, according to State Information Center of China.
A total number of 78 million people were involved in this market, among which 76 million were tenants. This market had developed roughly 3 million domestic housing resources and raised near US$540 million in financing, up 180% over last year.
Chinese millennials were the main user group of shared accommodation platform. Around 70% of them had received undergraduate or further education. Female landlord accounted for 60% of the total. Tenants aged between 18 and 30 accounted for 70% of the total tenants.
First-tier cities and some second or third-tier cities like Chengdu, Chongqing, and Xi’an are the mainstream markets of shared accommodation. Landlords from top 10 ranking cities accounted for near one-half of the total housing resources.
The transactions of shared accommodation market are expected to reach 50 billion yuan (US$7.83 bn) by 2020 with 6 million housing resources offered and over 100 million tenants.