New York City’s rental market has entered a new phase defined by renters staying in place, according to the Q4 2025 NYC Rental Report from Realtor.com. Although rents continued their upward climb in the final quarter of 2025, reaching a median of $3,585 and rising 6.6% year-over-year, the city is now grappling with a lack of turnover that is leaving new households with limited options
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%, the report states. In some boroughs, the immobility is even greater: 93.7% of Bronx renters stayed in place in 2025, 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.”
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