Although there have been a large number of studies carried out on fluctuations in housing prices, little is known about what causes changes in residential rents, which are inextricably intertwined with urban living standards. This is especially noteworthy in Chinese cities, which are now being challenged by the housing market frenzies. Shift-share analysis is proposed to evaluate all possible triggers of residential rent inflation in three cities during the 2001–2013 period, which covers two distinct monetary policy regimes in China. It is found that the recent rise in residential rent comes as a result of aggregate inflation associated with an expansionary monetary policy since the 2008 Global Financial Crisis and an all-encompassing and stable policy stance should therefore be adopted.