The Ministry of Housing and Urban-Rural Development has blamed real estate agents for the rise in apartment rents, state media reported. According to the China Institute of Real Estate Agents, average rents increased by more than 18% year-on-year from March to June in Beijing, Shanghai, Guangzhou, and Shenzhen. Local reports indicate that agents are purposefully driving up rents by acting as middlemen and encouraging landlords to increase prices to cream off fatter commissions. Rental rates in first-tier cities have been edging upwards as potential homebuyers postpone purchase decisions, waiting for further indication of price cuts before making a move.
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