New York Multifamily Market Report

Renter retention improves, but population declines are manifesting. After a substantial post-pandemic recovery in 2023 and 2024, New York City returned to net population loss in 2025, with the trend expected to continue over the medium term. Annual net out-migration is projected to reach 50,000 residents this year, roughly in line with 2019 levels, resulting in a decline in household formation for the first time in two decades outside of the pandemic period. Despite these emerging headwinds in renter demand, lease renewal rates have hovered near 70 percent in recent quarters, marking a historically elevated level for the metro and far exceeding the national average of roughly 55 percent.