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New York City’s Rental Market Sees Unprecedented Renter Stability
New York City’s rental market has entered a new phase marked by significantly reduced tenant turnover, according to the Q4 2025 NYC Rental Report from Realtor.com. Even as rents continued to rise—reaching a median of $3,585, a 6.6% increase year-over-year—the city is now facing a housing bottleneck driven by renters choosing to stay put.
The report reveals that nearly 90% of New York City renters remained in the same apartment they occupied a year ago, far above the national average of 78.4%. In some boroughs, such as the Bronx, the numbers are even more dramatic: 93.7% of renters there stayed in the same unit, with the median move-in year dating back to 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 proposed rent freeze on stabilized units could tighten mobility even further, potentially pushing market-rate rents even higher as the pool of available apartments shrinks.”
This stagnation in renter movement creates challenges for both landlords and newcomers to the city, as the availability of units drops and affordability continues to decline. With little relief in sight, the market may become increasingly challenging for first-time renters and lower-income households.
