BEIJING, Jan. 14 -- China will establish a diversified and standardized residential rental market within three years, according to the Ministry of Housing and Urban-Rural Development.

With home prices increasing, more people, especially transmigrants, are choosing to rent accommodation and the market needs proper regulation, the ministry said on Wednesday.

The ministry said it would build a government-led service portal for rental information, and encourage estate agents to either lease or purchase social housing apartments to rent to the public.

Meanwhile, the ministry will support developers who wish to rent property to the public and pilot specific funds to bring in social capital to the market.

The ministry asked local authorities to step up policy support of the scheme.