"内卷"已成为房地产市场的关键词，"改善"也已成为新房市场的主流趋势。在"租购并举"的政策引导下，中国住房租赁市场也正从规模扩张转向质量提 升。 在这一过程中，我们注意到，"改善型"租房需求正在升温。 上海两至三房整租占比提升，高品质、强配套、重服务的租赁产品正成为市场主流；深圳改善型租房需求回升，不少入市项目转向高端客群、高净值商 圈；广州高端服务式公寓涨幅明显，坪效租金突破10元/天/平方米。 CRIC数据显示，2025年10月，在整体市场供应量和租金双双下行的背景下，核心城市大面积产品需求提升，套均总价显著上涨。 目前已有越来越多人"以租代购"，"改善型"租房需求正越来越被重视。 上海高端租赁全国领先 高端公寓占比超12% 上海"租房改善"人群并不在少数，甚至有越来越多的趋势。如集中式公寓市场上，两、三居室的租赁产品市场占有率提升，新开项目供给结构向中大户型 倾斜，甚至还有不少高端租赁需求。 克而瑞长租数据显示，2025年上半年核心八城集中式公寓产品线中，白领公寓占比最高，且大多保持上涨，但同时北京和上海高端公寓占比也已超过 10%，其中上海达12.24%，明显高于其他城市。 | 城市 | 蓝领公寓 | ...

Core Insights - The housing rental market in China is expanding, but the growth rate is significantly slowing down, revealing structural contradictions [1][2] Supply Side - As of June 2025, there are 416 new long-term rental apartment projects, with 340 disclosing the number of rooms, totaling 201,000 new rooms [1] - The projected total for new long-term rental apartment projects in 2025 is 800, with an expected supply increase of approximately 402,000 rooms [1] - The year-on-year growth rate of new openings has dropped from 41% in 2024 to 9%, indicating a shift from rapid growth to a more stable development phase [1] Supply Structure - Affordable rental housing has become the dominant segment, with 71% (112,000 rooms) of new openings classified as such [2] - Mid-to-low-end white-collar apartments remain the mainstream product, but there is insufficient differentiated product supply to meet diverse demands [2] - Large rental communities (over 1,000 rooms) have seen a significant increase in supply, with their share rising by 17 percentage points [2] - The concentration of new supply has led to oversupply in certain urban areas, intensifying irrational competition and forcing some projects to lower rental prices to maintain occupancy rates [2] Demand Side - Demand for entry-level products (e.g., youth apartments, small units) has benefited from increased supply, leading to a slowdown or even decline in rental price growth [2] - The share of improvement-driven demand (e.g., family-style, high-end serviced apartments) remains low, at less than 10%, requiring market-oriented products for supplementation [2] - Customized demand (e.g., corporate dormitories, talent apartments) has potential as a new growth point, but its current scale is limited [2] Market Transition - The year 2025 is deemed a pivotal year for the rental industry, marking the beginning of "China's Quality Rental Era" [2] - The market logic is undergoing a fundamental shift from "scale-first" to a high-quality development model focused on "slow scale, strong products, and refined operations" [2]