With nearly 90% of renters stuck in place, Mayor Mamdani’s looming rent freeze for stabilized units could further tighten the NYC rental market
AUSTIN, Texas, Feb. 4, 2026 /PRNewswire/ — New York City’s tough rental market has entered a new phase defined by renters staying in place. While rents continued their upward climb in the final quarter of 2025, reaching a median of $3,585 (up 6.6% from the prior) the city is now grappling with a lack of turnover that is leaving new households with limited options, according to the Q4 2025 NYC Rental Report from Realtor.com®.
The report highlights a market where nearly 90% of New York City renters remained in the same unit they occupied a year ago, a rate far exceeding the national average of 78.4%. In some boroughs, the immobility is even more stark: in the Bronx, 93.7% of renters stayed in place in 2024, with a median move-in year of 2015.
“New York City’s rental market is effectively locked in place,” said Danielle Hale, chief economist at Realtor.com®. “It’s a dual-sided issue: asking rents are rising, while at the same time, the inventory for units is being squeezed by record-low turnover. Mayor Mamdani’s promised rent freeze on stabilized units could tighten mobility even further, potentially pushing market-rate rents even higher as the pool of available apartments shrinks.”
Rents Rise Across Every Borough
In 2025 Q4, the median asking rent in NYC rose by $223 (6.6%) compared to the previous year. The surge was most pronounced in Manhattan, where the median rent hit $4,886, requiring an annual household income of $195,440 to remain below the 30% affordability threshold.
Rents by Borough in New York City—2025Q4
|
Borough |
Median |
Rent |
Rent Change – 6 |
Annual Income |
% Stay-in-place |
|
Manhattan |
$4,886 |
7.3 % |
20.1 % |
$195,440 |
84.2 % |
|
Brooklyn |
$3,943 |
5.0 % |
45.0 % |
$157,720 |
89.5 % |
|
Queens |
$3,355 |
1.2 % |
38.4 % |
$134,200 |
90.2 % |
|
The Bronx |
$3,094 |
4.2 % |
51.2 % |
$123,756 |
93.7 % |
|
New York City |
$3,585 |
6.6 % |
24.8 % |
$143,400 |
89.3 % |
The “Stay-in-Place” Squeeze
The report identifies rent stabilization as a major factor in the city’s unique immobility. Approximately 40% of NYC’s rental stock is stabilized, and these units saw a vacancy rate of just 0.98% in 2023, compared to 1.84% for market-rate units.
The lack of movement is forcing many New Yorkers into difficult living situations. Overcrowding, which is defined as more than two persons per bedroom, is nearly twice as common in rent-stabilized units (13.1%) than in market rentals (6.7%), as families remain in units that no longer fit their needs rather than risk the volatile open market.
Looking Ahead: The Mamdani Freeze
With Mayor Mamdani’s administration moving to implement a rent freeze on stabilized units as soon as October 2026, the market faces further cooling in turnover. While the policy provides immediate relief for current tenants, it may exacerbate the inventory squeeze for new residents and those looking to move within the city, as the incentive to vacate a stabilized unit drops even lower.
“As residential mobility breaks down, we see a domino effect on the city’s economy,” said Realtor.com® Economist Jiayi Xu. “Renters are delaying major life changes like job transitions or family formation because the cost of moving, or the lack of anything to move to, has become a big barrier.”
Methodology
New York City rental data as of 2025Q4 for all units advertised for rent on Realtor.com®. Rental units include apartments as well as private rentals (condos, townhomes, single-family homes). We use rental sources that reliably report data each month within New York City and each of its boroughs. To calculate the median asking rent for each quarter, we first obtain the median asking rent for each month within that quarter and then take the average of the three months. Data for Staten Island is currently under review. Realtor.com® began releasing regular monthly reports for New York City in August 2024 and transitioned to quarterly rental trend reports in April 2025, with historical data available dating back to Q2 2019.
About Realtor.com®
Realtor.com® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.
Media Contact: Emily Do, press@realtor.com
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SOURCE Realtor.com
