NYC Rental Report Spells Trouble for Mayor's Rent Freeze Plan

Forecasts predict icy conditions ahead for the city's rental market as rents rise and vacancies remain low.

Published on Feb. 4, 2026

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A new report from Realtor.com found that nearly 90% of New York City renters stayed in their apartments in 2024, well above the national average, as rents climbed 6.6% to a median of $3,585. The frosty rental conditions could signal trouble for Mayor Zohran Mamdani's proposed rent freeze policy, which critics say could further discourage tenant turnover and exacerbate the city's housing supply crunch.

Why it matters

The high rate of lease renewals and low vacancy levels in NYC's rental market raise concerns about the potential impact of Mamdani's rent freeze plan. Critics argue the policy could slow down tenant turnover even more, making it even harder for new residents to find housing, while also potentially leading landlords to neglect maintenance or raise rents on non-stabilized units.

The details

According to the Realtor.com report, rents increased across all five boroughs in New York City, with Manhattan leading the pack at a 7.3% year-over-year rise. The Bronx saw particularly high tenant retention, with 94% of renters staying in their 2023 leases. Nationally, the stay-in-place rate was 78.4%, compared to nearly 90% in NYC. The report suggests Mamdani's proposed rent freeze on stabilized units, which make up 40% of occupied rentals, could further discourage tenant turnover and exacerbate the city's housing supply challenges.

  • In 2024, nearly 90% of NYC renters clung to their leases.
  • In the last quarter, median New York City rents rose 6.6% to $3,585.

The players

Zohran Mamdani

The mayor of New York City who has proposed a rent freeze policy.

Jiayi Xu

A Realtor.com economist who noted the rent freeze could further discourage rent-stabilized tenants from moving.

Yonah Freemark

An Urban Institute researcher who said the outcome of the rent freeze policy depends on demand.

Matt Rauschenbach

The deputy press secretary for housing who defended the mayor's plan to build 200,000 new affordable homes.

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What they’re saying

“The mayor's commitment to build 200,000 new affordable homes speaks directly to the crisis this report lays out: a housing market that too often shuts working New Yorkers out, whether through relentless rent hikes or a lack of homes that actually meet their needs.”

— Matt Rauschenbach, Deputy Press Secretary for Housing (The Post)

“Should NYC rental demand stabilize, Freemark said, the rent freeze would likely not affect costs. A freeze would also extend renters' the same ability to stay in place that homeowners enjoy.”

— Yonah Freemark, Urban Institute Researcher (Realtor.com)

What’s next

The mayor's 10-year plan to build 200,000 new affordable housing units will be closely watched to see if it can address the city's tight rental market conditions.

The takeaway

New York City's rental market is facing a supply crunch, with high tenant retention rates and rising rents, which could undermine the mayor's proposed rent freeze policy and require a multi-pronged approach focused on both stabilizing costs and increasing the overall housing stock.