Distributed long-rented apartment is the largest category in the housing rental market in China. From the perspective of industry，property is easier to obtain and the property price is relatively low；High attention by the capital，financing events；On the client side，there are many room selection options，and many brands also launch “replacement” service （local or foreign room replacement service），which initially forms a chain；The industry also faces problems，high management costs （housing and staff scattered）；Product and service quality is uneven；Property contract dispute with landlord，rent dispute with tenant，etc. At the end of 2019，the US stock market of distributed long-rented apartment brands successfully went public，bringing confidence to the industry and peers，and opportunities and challenges coexist.