1134 ET - New York City's tough rental market has entered a new phase defined by renters staying in place, Realtor.com says. Rents continued climbing in 4Q, reaching a median of $3,585--up 6.6%. The lack of turnover is leaving new households with limited options. Nearly 90% of NYC 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. NYC asking rents are rising, while the inventory for units is being squeezed by record-low turnover, Realtor.com says. 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, according to Realtor.com. (chris.wack@wsj.com)

(END) Dow Jones Newswires

February 04, 2026 11:34 ET (16:34 GMT)

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