Kings and queens of rented castles

Many young professionals in big cities rent a home in more central areas to reduce their commuting time. [Photo provided to China Daily]

In December the average price of new homes in Shanghai was 40,794 yuan a square meter, compared with 39,307 yuan a sq m in Beijing and 57,998 yuan a sq m in Shenzhen, Guangdong province, according to E-House (China) Holdings Ltd.

Chen Lina, an analyst with Shanghai Sinyi Realty Agency and Consulting Co, says those who rent homes even though they can afford to buy one are either expatriates or those who have yet to find an affordable or ideal property.

Zhong Zixuan is one individual who can afford a home but has chosen to rent. Zhong and her husband first shared an apartment with another tenant in Zhangjiang region of Pudong New Area in Shanghai before relocating to different parts of the city numerous times. The couple and five other family members now rent a 175 sq m three-bedroom apartment in Jing'an district for which they pay 20,000 yuan a month.

Zhong says many of her friends and relatives have asked her why she is reluctant to buy a home even though she can afford one. She wants to earn even more money so she can afford the ideal home in a central location like Jing'an, she says.