Beijing Releases Plans for New Rental Market Regulations
If you've been renting in Beijing, you've probably noticed some questionable practices carried out by landlords, agents, and, more recently, online rental platforms, like overcharging for deposits, rents and tacking on extra fees. To regulate the city's rental market, Beijing has announced plans to make renters' lives easier. The new rules don't have a set date for when they'll be enacted, but for the time being, here's a little primer.
Rent collection
Under the new regulations, landlords will no longer to be able to collect more than a month's deposit from renters. They are also banned from collecting more than three months' rent. Moreover, rental agencies are not allowed to charge service fees extending for more than a month. When the contract is due and if the renter wishes to renew the lease, the rental agency cannot charge another service fee.
Unreasonable rental prices
Rental fees in the capital have risen 7.7 percent since last year alone. They've been rising annually for some time, which means added stress for people living here.
Under the new law, if rental prices continue to rise significantly, the government will ask owners to lower prices to make it more affordable for renters. If owners fail to comply, market regulators will intervene.
Bad indoor air quality
Some rental companies will redecorate or refurnish their houses without paying attention to air quality issues that ma arise, like if furniture or other items contain chemicals like formaldehyde. If indoor air quality fails to meet set standards, the government will fine the agency around RMB 10,000 to RMB 50,000.
Fake rental posts
In order to combat posts for fake apartments, the new rules require oline platforms to review poster credentials, like rental certificates, in order for posts to get the OK. Once a fake poster has been found, the platform will be required to delete any posts from the user and block them immediately.
Rent debts
The government will also have a say on the amount of loans people can take out to pay for housing. Regulations will require that any housing loans cannot exceed rent amounts. Also, loan terms will not be allowed to exceed lease terms.
No more dividers!
Rental agencies or landlords often divide rental spaces with wooden boards or other dividers in order to get more bang for their buck -- i.e. get more renters into a single space. The new rules say rooms cannot be changed from their original design, and rooms for living or other purposes cannot be reconstructed into bedrooms.
Many netizens seem to be welcoming these regulations. “The time for the market to be regulated has finally come!” One Beijinger said.
What do you think of these planned regulations? Let us know in the comments.
Read: Hit The Road Jack! Moving House In Beijing
Images: Weibo
