Focus on long-term rental apartments: why did you fall into the capital dilemma from the darling of capital?

After the explosion in Le Jia, many parents rented Yueru Apartment, Nanjing Junchuang Company, Walker Apartment, Guo Chang Company, HangDeyu Technology, Guo Chang Apartment and other apartments. It was exposed that the landlord's rent was in arrears, and there was a problem in the capital chain. In addition, nine parents who rented houses in Xi 'an were "nominated" by the local government. The question is, why is the outbreak of long-term rental apartments concentrated in the near future? ?

Phenomenon:?

Multi-parents rent apartments and concentrate on "thunder"?

Recently, many parents rented apartments, such as Yueru Apartment, Nanjing Junchuang Company, Walker Apartment, Guo Chang Company, HangDeyu Technology, Guo Chang Apartment, etc., which were exposed to be in arrears with the landlord's rent, resulting in problems in the capital chain. ?

Not only that, on June 5438+ 10/8, the Xi Housing and Urban-Rural Development Bureau announced that nine apartment enterprises, including Xi Anmachi Commercial Operation Management Co., Ltd. and Xi Anzuoqi Commercial Operation Management Co., Ltd., failed to fulfill their contractual obligations in time to pay the house rent; Failing to solve the reasonable requirements put forward by the tenants in time; Do not refund the rental deposit for various reasons; Some companies have no normal business operations and the person in charge of the company has lost contact. Xi Housing and Urban-Rural Development Bureau will jointly punish the above nine apartment enterprises with Xi Public Security Bureau and Xi Market Supervision Bureau. ?

Li Quan, founder of Fang Dongdong, pointed out that in recent years, lightning strikes frequently occurred in long-term rental apartments, showing two remarkable characteristics. First, it has expanded from a single city to multiple cities, and Nanjing, Hangzhou, Xi and Zhengzhou have become high-risk areas; Second, mainly small and medium-sized units or second landlords, there is no real brand apartment. ?

Reason:?

Blind expansion and operational shortcomings lead to capital chain problems?

In the first two years, under the continuous policy dividend, long-term rental apartments have become the investment targets sought after by various capitals. Developers, intermediaries, hotel operators and so on have seized the market cake. According to incomplete statistics, at least one-third of the top 30 housing enterprises have set foot in long-term rental apartments. ?

The senior vice president of Keke Holding Co., Ltd. pointed out that during the period of 20 16-20 18, the policy dividend was continuously released. Due to the low barriers to entry in the industry, enterprises concentrate on entering long-term rental apartments. Subsequently, from 20 17 to 20 18, the proportion of newly opened stores in long-term rental apartments in first-tier cities was as high as 35%. ?

However, as Betrox, co-founder of Ba Le Rabbit, said, many apartment operators neglected the construction of industry stage, market rules and basic operation system. "Blindly expanding, using high leverage, renting a house in disguised form, expanding the scale, and making a big valuation contain huge risks." ?

"The surface of mine explosion is a financial problem, and the essence is the irrational expansion of supply." Yang Xianling, a blank research institute, pointed out that a large number of developers, hotel departments, intermediary companies and entrepreneurs entered the field of long-term rental apartments, which formed a "supply expansion" in a short period of time, that is, the supply suddenly increased, the steady decline was superimposed with the relatively insufficient demand, and the market formed a staged supply pressure. Subsequently, key indicators such as rent, occupancy rate and lease cycle were bound to deteriorate. ?

Yang Xianling pointed out that some institutions, especially for scale expansion, take houses at prices, speeds and scales beyond their own affordability, and cash flow will be under pressure, and they will be further forced to reduce prices and lease funds. "An institution's price reduction will follow suit, resulting in' collective trampling', which is a typical' negative feedback' experienced by the industry over the past year." . ?

Yang, the founder of house cat house search, believes that the core competitiveness of long-term rental apartments also comes from improving service quality through standardization and reassuring tenants. "I don't think that the monopoly of long-term rental apartments can be formed through rapid enclosure, and it is difficult for people to be monopolized." ?

"In the early stage, I lacked in-depth research on the market and products and blindly entered. In addition, the rapid expansion of the market is also to make money in the capital market. It is normal for such a company to finally close down or go bankrupt. In a healthy market environment, this deformed business method is difficult to survive. " Yang said to him. ?

In fact, the market has a process from blind development to rationality. Betrox pointed out that from the fiery stage of capital blessing to the cold winter of capital market, the industry has become more rational and the laws and regulations have become stricter. The market has been unable to pay for blind impulse and violation of law and discipline, which has led to the closure and outbreak of long-term rental apartment institutions that were "too hasty" in the early stage. ?

Betrox pointed out that there are many reasons for the frequent outbreak of long-term rental apartments in the near future, such as the termination of rent at the end of the year, off-season, the owners' difficulty in renewing rent, paying rent and financing, as well as the local government's strengthening supervision over the long-term rental industry and the strict superposition of rental loans, which are more likely to expose the capital chain problems caused by the blind expansion and short-term operation of long-term rental apartments, thus leading to frequent "outbreaks" and "running away". ?

Survival:?

Do a good job in balancing sound management and scale expansion?

"Most people think that you can get financing when you run, and you don't care about temporary losses. This is a very deadly point of view. " Li Quan pointed out a big misunderstanding in the industry. ?

According to Li Quan, at present, there are many enterprises in the long-term rental apartment industry that have obtained A-round financing, but no more than 10 enterprises have obtained B-round financing, and few enterprises have obtained C-round financing. "In the future long-term rental industry, capital is generally cautious. Both equity investment and debt financing will only be concentrated in the head and super-large enterprises. " ?

In addition, the Beijing News reporter noted that at present, long-term rental enterprises are mainly enterprises with real estate background to issue bonds, while enterprises with non-real estate background are hardly involved, even if ABS or REITs-like products are issued, there are very few. ?

This means that in the capital winter with prudent investment, once there is no money to "burn" and blindly expand small and medium-sized long-term rental apartment institutions, the capital chain will inevitably have problems. ?

However, in Betrox's view, the fundamental problem of these long-term rental agencies is that the operators themselves have violated the market rules. "Institutionalization is the future of the long-term rental industry. The scale and brand are related to valuation, but not all players must have large-scale and high-brand investment to make money and survive. Many leasing markets are composed of small and medium-sized institutions, which are not large in scale, but they can also be made' small and beautiful' and survive and develop for a long time. " ?

"From the perspective of the industry as a whole, long-term rental institutions that don't burn money can still live very well. The focus is on mentality and returning to the business itself. " Betrox said. ?

In order to realize the healthy development of long-term rental apartment institutions, in Li Wenjie's view, it is necessary to strike an effective balance between stable rental operation and scale expansion, put an end to short-term speculation, and look at the changes in the industry with a long-term and developmental perspective, so as to meet the needs of tenants and provide quality rental services as the core and push the industry forward on the right track. ?

In addition, Li Wenjie stressed that long-term rental apartment enterprises should pay attention to single-store profit. "Only by focusing on the profit of a single store and realizing the break-even of the enterprise itself can the operating organization achieve sustainable development."