Under the policy background of “Housing is for living in，not for speculation”，the housing supply system of China began to shift from “encourage purchase” to “encourage both renting and purchase”，and the housing rental market has been further developed. The characteristics of rental cash flow are slow and frequent，which became main obstacle for apartment operators getting financing，but these features are suitable for implementation of asset securitization. At present，the asset securitization models of long-term rented apartment operators in China are divided into two patterns：One kind of asset securitization products is Asset Backed Securities or Asset Backed Notes，of which underlying assets are secured debts. Most apartment operators with asset-light strategy adapted to this model on finance. The other pattern is non-standard REITs products with both equity and bond properties. Long-term rental apartments that adopt this financial method mostly took asset-heavy strategy on operation. There are some problems in asset securitization of long-term rental apartments. The asset securitization on apartment assets tends to be alienated into traditional financing，which may become a new form of shadow banking. As to these problems，we suggest that，the underlying asset of long-term rental apartments need to be bankruptcy isolated and take credit enhancement measures；a reasonable tax system adapted to securitization need to be delicately designed；some legal barriers on public listing of asset securitization products need to be removed.