Vacant Rent-Stabilized Apartments Rise to 57,000 Despite NYC Housing Shortage

NEW YORK (VINnews) — More than 57,000 rent-stabilized apartments sat vacant across New York City in 2025, according to state data, even as the city continues to face a severe housing shortage.

The self-reported data from landlords show a 5.6% vacancy rate among rent-stabilized units, up from 3.7% a decade earlier. Vacancy rates peaked at 7% in 2021 during the COVID-19 pandemic before declining.

The reasons for the vacancies remain unclear because the data do not track why apartments are empty or the extent of repairs needed. Housing experts point to factors including delayed post-pandemic turnover, while landlord groups argue that rising operating costs and limits on rent increases have made renovating many apartments financially unfeasible.

Owners of rent-stabilized buildings are subject to rent caps set by New York City’s Rent Guidelines Board, and the Housing Stability and Tenant Protection Act of 2019 limits rent increases on vacant stabilized units after renovations.

Some property managers say renovation costs can exceed $50,000 for older apartments, making it difficult to recover expenses on units renting for relatively low monthly amounts.