2026年10月27日，ICCRA住房租赁产业研究院院长赵然在北京举行的第八届领航·住房租赁产业国际论坛上指出，随着规模红利退去，运营力正成为衡量住房租赁资产长期价值的新尺度1。报告显示，2026年上半年，16个重点城市新增集中式租赁住房项目231个、新增房间约10.4万间，重点城市新增租赁住房供给已明显存量化1。其中，新建项目中63%来自存量土地开发，改造项目中超过95%来自存量商业办公楼与存量商品房1。行业进入存量运营阶段后，资本更青睐经营质量高、现金流可预期的资产，竞争焦点转向资产持有期内的持续运营能力1。
调研数据显示，85.3%的受访机构判断2026-2027年租赁住房大宗交易将保持稳定或上升1。在地域偏好上，88.2%的机构未来一年重点关注北上广深，73.5%的机构关注租赁式社区产品线1。赵然表示：“运营红利的本质，是把管理能力变成可审计的NOI(净运营收益)，再变成可定价的资产价值。”1
During the 8th Pilot International Forum on Housing Rental Industry held in Beijing on October 27, 2026, Zhao Ran, Dean of the ICCRA Housing Rental Industry Research Institute, stated that operational capability has become a new yardstick for assessing the long-term value of rental assets 1. This shift occurs as the initial "scale dividend" fades, moving the industry focus toward sustainable management during the asset holding period 1. According to recent data, new supply of centralized rental housing in 16 key cities reached approximately 104,000 units across 231 projects in the first half of 2026 1. Notably, the market structure is increasingly driven by existing stock, with 63% of new construction projects utilizing existing land and over 95% of renovation projects converting existing commercial office buildings and residential properties 1.
Capital preferences are now aligning with assets that demonstrate high operational quality and predictable cash flows 1. A survey indicated that 85.3% of participating institutions expect bulk transactions in the rental housing sector to remain stable or increase between 2026 and 2027 1. Geographic interest remains concentrated, with 88.2% of institutions planning to prioritize Beijing, Shanghai, Guangzhou, and Shenzhen in the coming year, while 73.5% are focusing on rental community product lines 1. Zhao clarified the underlying logic of this trend, stating: "The essence of the operational dividend is transforming management capabilities into auditable NOI (Net Operating Income), which then translates into priceable asset value" 1.
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