Guangzhou continues to break stereotypes. The provincial capital is not known for its natural beauty, or its varied and abundant lifestyle options for young people. Neither, for that matter, does it compare to Shenzhen for cool tech jobs. And yet, it is the country’s second-most popular destination for university graduates, after Shanghai. And this is even though its rental costs are the country’s highest as a percentage of income.
Guangzhou’s rent-to-income ratio of 32.9% for university graduates is apparently no barrier, according to a report from the online property giant, Beike. This is largely due to its “abundant employment opportunities and convenient living environment”.
Guangzhou’s fresh graduates also get the smallest living space among tenants in the 10 major cities surveyed, with a single-occupied apartment averaging 43.1 sqm, or 12.4 sqm in a shared apartment. The high housing price delayed the home purchase for young people, causing the average age of tenants in Guangzhou to rank second (27.5) after Beijing (27.9). But the average rent per sqm in Guangzhou is RMB42.9, lower than Beijing, Shenzhen and Hangzhou.
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