Rent drops near World Expo site

Residents around the Expo site who expect to earn extra cash by renting out their apartments may be a bit disappointed as the price of rent is falling, according to several real estate agents doing business in the area.

"Those needing to stay near the Expo site rented their apartments earlier this month," an agent surnamed Zou with Shengyong Property said. "The number of renters we meet has been declining since April 10. There is also an increasing number of apartments on the market."

Zhiheng Property said that some residents are choosing to put off selling their apartments so that they can cash in on the prices people are willing to pay to stay near the Expo.

Yuan Dan, an agent with Centaline Property handling business around the Expo Park, told the Global Times that rent for apartments built after 2000 on Yaohua Road and Pudong Road South have dropped by 10 to 20 percent in recent days.

The rent prices for relatively new apartments surged by 30 percent on average in March due to the upcoming Shanghai World Expo, with some spiking at a 50 percent, according to Yuan.

"Many tenants near the Expo Park have moved out of their own apartments and rented apartments elsewhere, expecting to earn extra cash by subletting their own flats, but things are running in the opposite direction," said Zou.