租售比（即房屋售价与年租金之比）是衡量房地产市场健康程度的重要指标，国际上通常认为合理区间在200–300之间。然而，在中国楼市中，这一模型长期“失灵”：一线城市的租售比普遍高达600甚至800以上，远超国际警戒线，但房价依然坚挺甚至持续上涨。究其原因，主要有三方面：首先，中国房地产不仅是居住载体，更是重要的投资和财富储存工具，大量购房者并非出于自住或出租收益，而是期待资产升值；其次，土地财政和金融政策长期支撑房价，地方政府依赖土地出让收入，银行体系也偏好房地产抵押贷款，形成系统性支撑；再者，租赁市场发育不成熟，租购不同权、租户权益保障不足等问题抑制了租金水平的合理提升。因此，单纯用租售比判断中国楼市泡沫存在局限性，需结合制度环境、金融结构和居民资产配置偏好等多维度综合分析。
The price-to-rent ratio—a key indicator of housing market health, typically considered reasonable between 200 and 300 internationally—has long appeared ‘ineffective’ in China’s real estate market. In major Chinese cities, this ratio often exceeds 600 or even 800, far beyond global benchmarks, yet property prices remain resilient or continue rising. Three main factors explain this anomaly: First, real estate in China functions not just as shelter but as a primary investment and store of wealth; many buyers prioritize asset appreciation over rental income or occupancy. Second, systemic support from land-based fiscal policies and financial regulations sustains high prices—local governments rely heavily on land sales revenue, while banks favor real estate–backed lending. Third, China’s rental market remains underdeveloped, with weak tenant protections and unequal rights between renters and owners, which suppresses rent growth. Consequently, applying the price-to-rent ratio alone to assess housing bubbles in China is misleading; a comprehensive analysis must account for institutional frameworks, financial structures, and household asset allocation behaviors.
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