NYC Rent Growth Persists as Renter Mobility Hits Historic Lows

Rhea-AI Summary

NYC rental tightness (NWS): Q4 2025 median asking rent reached $3,585, up 6.6% year-over-year, while 89.3% of renters stayed in the same unit for at least one year. Rent-stabilized stock (~40%) shows a vacancy of 0.98%, intensifying the inventory squeeze ahead of a proposed mayoral freeze.

Positive

• Median NYC asking rent up 6.6% YoY to $3,585
• High tenant retention supports stable rental income for current landlords
• Rent-stabilized units show very low vacancy at 0.98%

Negative

• Nearly 89.3% of renters stayed put, limiting turnover and listings
• Manhattan median rent requires $195,440 annual income for 30% affordability
• Proposed rent freeze may further reduce mobility, tightening supply

Key Figures

NYC median rent: $3,585 NYC rent growth: 6.6% Stay-in-place renters: 89.3% +5 more

8 metrics

NYC median rent $3,585 NYC median asking rent, Q4 2025, up 6.6% YoY

NYC rent growth 6.6% Year-over-year change in NYC median asking rent, Q4 2025

Stay-in-place renters 89.3% NYC renters remaining in same unit at least 1 year, 2024

Rent-stabilized share 40% Approximate share of NYC rental stock that is stabilized

Stabilized vacancy 0.98% Vacancy rate for rent-stabilized units in NYC, 2023

Market-rate vacancy 1.84% Vacancy rate for market-rate rental units in NYC, 2023

Overcrowding stabilized 13.1% Overcrowding in rent-stabilized units (>2 persons per bedroom)

Share repurchase authorization $1 billion Maximum under existing stock repurchase program per multiple 8-K filings

Market Reality Check

Price: $25.01 Vol: Volume 1,547,129 is 40% a...

normal vol

$25.01 Last Close

Volume Volume 1,547,129 is 40% above the 20-day average of 1,105,932, indicating elevated trading activity ahead of this report. normal

Technical Shares trade below the 200-day MA, with price at $28.84 versus MA(200) at $31.75, reflecting a pre-existing downtrend.

Peers on Argus

NWS fell 6.61% with elevated volume. Key peers were mostly negative but less ext...

NWS fell 6.61% with elevated volume. Key peers were mostly negative but less extreme: NWSA -5.59%, WMG -4.95%, ROKU -4%, FOXA -2.31%, while TKO gained 1.19%. The deeper NWS decline suggests a stock-specific move rather than a uniform sector rotation.

Historical Context

5 past events · Latest: Jan 27 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 27	Housing data report	Neutral	-0.6%	Realtor.com HOA fee trends and incidence across U.S. home listings.
Jan 26	Business launch	Neutral	-0.3%	Launch of The California Post as a new publication initiative.
Jan 26	Luxury housing data	Neutral	-0.3%	Realtor.com luxury market thresholds and price dispersion by metro.
Jan 21	Platform launch	Positive	+0.5%	Realtor.com®+™ collaborative home-search platform rollout with MLS partners.
Jan 20	Earnings date set	Neutral	+0.5%	Scheduling and webcast details for fiscal Q2 2026 earnings release.

Pattern Detected

Recent company news, including product launches and housing-market reports, has typically led to modest price moves within about ±1%, suggesting today’s larger decline is unusual versus recent history.

Recent Company History

Over the last few weeks, NWS has issued several Realtor.com® data releases and platform updates. On Jan 21, the launch of Realtor.com®+™ and new MLS integrations coincided with a 0.53% gain. Housing data pieces on luxury markets and HOA trends around Jan 26–27 saw mild negative reactions of about -0.29% to -0.55%. An earnings date announcement on Jan 20 also aligned with a small 0.53% rise. Against this backdrop, the current NYC rental report follows a pattern of data-heavy, generally neutral operational updates with historically limited price impact.

Market Pulse Summary

This announcement underscores persistent rent growth and record-low renter mobility in NYC, with med...

Analysis

This announcement underscores persistent rent growth and record-low renter mobility in NYC, with median asking rent at $3,585 and nearly 89.3% of renters staying put. For NWS, which leverages Realtor.com® housing data, it adds to a stream of recent market insights and platform updates. Investors may watch how these data sets support engagement and advertising trends alongside the existing $1 billion repurchase authorization and the upcoming earnings report.

Key Terms

rent-stabilized units, vacancy rate

2 terms

rent-stabilized units regulatory

"Mayor Mamdani's looming rent freeze for stabilized units could further tighten..."

Rent-stabilized units are apartments legally limited in how much rent can increase each year and often include rules about tenant rights and lease renewals. For investors, these limits act like a cap on short-term income growth but can provide steady, predictable cash flow and lower vacancy risk; they also reduce flexibility to raise rents quickly, which affects a building’s valuation and renovation plans.

vacancy rate financial

"these units saw a vacancy rate of just 0.98% in 2023, compared to 1.84%..."

Vacancy rate is the percentage of rentable space or units in a property or portfolio that are unoccupied at a given time, calculated by dividing empty units or square footage by the total available. For investors it signals how much rental income is being lost and how strong demand is—high vacancy is like many empty seats in a theater, suggesting lower cash flow and higher risk, while low vacancy implies steady income and healthier asset value.

AI-generated analysis. Not financial advice.

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 Asking Rent	Rent YoY	Rent Change – 6 years	Annual Income Required (30%)	% Stay-in-place renters (at least 1 Year)
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

View original content:https://www.prnewswire.com/news-releases/nyc-rent-growth-persists-as-renter-mobility-hits-historic-lows-302678944.html

SOURCE Realtor.com

FAQ

Why did Realtor.com report NYC median rent of $3,585 in Q4 2025 (NWS)?

The median asking rent rose to $3,585 due to low turnover and rising asks. According to Realtor.com, near-record stay-in-place rates and constrained listings pushed rents higher across boroughs in Q4 2025.

How does the 89.3% stay-in-place rate affect NYC renters and NWS investors?

High stay-in-place reduces available rental inventory and listing velocity, limiting options for new households. According to Realtor.com, this immobilization can suppress mobility-driven demand while supporting income for existing landlords.

What is the expected impact of Mayor Mamdani's proposed rent freeze on stabilized units (effective Oct 2026) for NWS?

A rent freeze could lower incentives to vacate stabilized units, further shrinking available supply for market-rate renters. According to Realtor.com, the freeze may deepen the inventory squeeze and push market rents higher for available listings.

Which NYC borough saw the highest stay-in-place rate in 2025Q4 and what was the median rent (NWS)?

The Bronx recorded the highest stay-in-place rate at 93.7% with a median asking rent of $3,094. According to Realtor.com, prolonged tenancy and older move-in years drove the borough's low turnover.

How do vacancy differences between stabilized and market-rate units influence NYC rent trends (NWS)?

Stabilized units had a vacancy around 0.98% versus 1.84% for market units, reducing available stabilized listings. According to Realtor.com, lower stabilized vacancies concentrate demand on scarce market-rate units, lifting asking rents.