(Yicai Global) Dec. 6 -- The average rent paid for property in Beijing declined for a fourth consecutive month in November, falling 2.8 percent to CNY81.3 (USD11.56) per square meter from a year earlier, the Beijing Daily reported. That's the lowest level since early 2018.

The capital's rental market has been in decline since August because of downward economic pressure, the report said, citing data from Lianjia Real Estate Agency. Last month's rental charges fell 1 percent from October.

The number of rental deals Lianjia did in the city fell 1.9 percent in November from the previous month. But the volume of deals stabilized last month, with the number of new customers increasing 3.1 percent from October, the report cited a researcher at the Beike Research Institute under Lianjia as saying.

The downward trend is expected to end this month and begin a modest rise. But the recovery will be limited and monthly rental prices are still seen leveling off.