Core Insights - New York City's rental market is experiencing significant immobility, with nearly 90% of renters remaining in the same unit for over a year, which is higher than the national average of 78.4% [2][3] - The median asking rent in NYC reached $3,585 in Q4 2025, reflecting a 6.6% increase from the previous year, with the most substantial rise occurring in Manhattan [3][4] - Mayor Mamdani's proposed rent freeze on stabilized units could further restrict mobility in the rental market, potentially leading to higher market-rate rents as available inventory decreases [3][7] Rental Market Overview - The median rent in Manhattan is $4,886, requiring an annual income of $195,440 to stay below the 30% affordability threshold [4] - Brooklyn's median rent is $3,943, Queens at $3,355, and The Bronx at $3,094, with respective annual income requirements of $157,720, $134,200, and $123,756 [4] - The overall stay-in-place renter percentage in NYC is 89.3%, with the Bronx having the highest at 93.7% [4][5] Factors Influencing Immobility - Approximately 40% of NYC's rental stock is rent-stabilized, contributing to a low vacancy rate of 0.98% for these units compared to 1.84% for market-rate units [5] - Overcrowding is more prevalent in rent-stabilized units, with 13.1% of these units housing more than two persons per bedroom, compared to 6.7% in market rentals [6] Future Implications - The impending rent freeze could lead to a further decline in turnover rates, making it more challenging for new residents to find housing [7] - The lack of mobility may hinder economic activities, as renters delay significant life changes due to the high costs associated with moving and limited housing options [7]