Connecting landlords directly with tenants seeking well-located rentals in big Chinese cities, Mogoroom also partners Ant Financial to scrap the deposit requirement for Alipay users.
Why
Difficulty finding suitable housing
Tenants pay high commission to agents and three months’ deposit, yet room quality isn’t guaranteed.
Prevailing market inefficiencies
Overall, China’s housing vacancy rate is 35% but the rental market remains in short supply.
Loneliness of white-collar workers
Many working in big Chinese cities come from the provinces and lack friends, socializing opportunities.
Market
RMB 4 trillion
Projected value of China’s rental market by 2030, versus RMB 1.1 trillion in 2016; growth driven by young executives from the provinces working in the metropoles.
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