New York City's Rental Market Tightens Further
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 04 2026
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Should l Buy NWS?
Source: PRnewswire
- Rising Rents: In Q4 2025, New York City's median rent reached $3,585, a 6.6% increase year-over-year, with Manhattan's rent hitting $4,886, necessitating an annual income of $195,440 to stay below the 30% affordability threshold, thereby straining household budgets.
- Decreased Tenant Mobility: Nearly 90% of renters in NYC remained in the same unit over the past year, significantly higher than the national average of 78.4%, resulting in a drastic reduction in available rental options and exacerbating market tightness.
- Impact of Rent Stabilization: Approximately 40% of NYC's rental stock is rent-stabilized, with a vacancy rate of just 0.98% in 2023 compared to 1.84% for market-rate units, forcing many families into overcrowded living situations as they remain in units that no longer meet their needs.
- Future Policy Implications: With Mayor Mamdani's plan to implement a rent freeze in October 2026, current tenants may experience short-term relief, but this could further limit options for new residents, hindering economic activity as many renters delay significant life changes due to high moving costs and limited availability.
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Analyst Views on NWS
About NWS
News Corporation is a diversified media and information services company. Its Digital Real Estate Services segment consists of the Company’s interest in REA Group and Move. REA Group is a digital media business specializing in property and property-related services on its Websites and mobile apps. Move is a provider of digital real estate services in the United States and primarily operates a real estate information, advertising and services platform, as well as its referral-based services, online tools and services to do-it-yourself landlords and tenants. Its Dow Jones segment consists of Dow Jones, a global provider of news and business information, which distributes its content and data through a variety of media channels. Its Book Publishing segment consists of HarperCollins, a consumer book publisher with operations in 15 countries. Its News Media segment consists of News Corp Australia, News UK and the New York Post and includes The Australian, The Daily Telegraph, among others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Profitability Changes: Despite a 21% drop in net income from continuing operations to $242 million due to the absence of an $87 million one-time gain from the previous year, adjusted EPS rose to $0.40, and profitability margins improved to 22.1%.
- Segment Performance: Both Dow Jones and Digital Real Estate segments achieved double-digit profit growth, with Dow Jones recording a record digital advertising revenue of $87 million and Realtor.com seeing a 10% revenue increase, showcasing successful digital transformation.
- Market Challenges: The News Media segment reported flat revenues and a 5% decline in EBITDA, reflecting challenges in the print advertising market, while Book Publishing grew 6% to $633 million but was impacted by a $16 million one-time inventory charge at HarperCollins, highlighting pressures faced by traditional media.
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- Regional Disparities: States like Nevada, Indiana, South Carolina, Minnesota, North Carolina, New Jersey, and Texas show new construction price reduction rates exceeding the national average of 18.3%, with Nevada leading at 24.8%.
- Price Stability: In Q4 2025, the median listing price for newly built homes was $451,128, reflecting only a 0.3% increase year-over-year, while resale home prices remained flat, indicating relative stability in new home pricing.
- Supply and Demand Shifts: Newly built condos and townhomes carry a 30.7% price premium over existing attached homes, while new single-family homes are only 10.7% more expensive than existing ones, highlighting the critical role of new constructions in meeting buyer needs.
See More
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- New Construction Price Cuts: By late 2025, nearly 20% of new homes experienced price reductions, surpassing the resale market for the first time, indicating builders' proactive response to affordability pressures and high inventory levels, which could reshape market dynamics.
- Regional Disparities: States like Nevada, Indiana, South Carolina, Minnesota, North Carolina, New Jersey, and Texas show new construction price reduction rates exceeding the national average of 18.3%, suggesting intensified market competition that may lead to price wars in these regions.
- Stable New Home Prices: The median listing price for newly built homes in Q4 2025 was $451,128, reflecting only a 0.3% increase year-over-year, while resale home prices remained flat, indicating relative stability in new home pricing that could attract more buyers.
- Condo vs. Single-Family Pricing: Newly built condos and townhomes carry a 30.7% premium over newly built single-family homes, largely due to geographic factors, highlighting the significant role of condos in high-cost urban markets, which may influence buyer preferences.
See More
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- Strong Market Interest: CEO Almar Latour noted that Levisohn takes the helm at a time of unprecedented investor interest in both the markets and Barron's, providing a favorable environment for him to drive brand growth and engagement.
- Rich Career Background: Levisohn began his career as a Wall Street equities trader with seven years of trading experience before transitioning to journalism in 2007, working at BusinessWeek and Bloomberg, which highlights his deep understanding of financial markets and passion for writing.
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- Stable Luxury Pricing: In January 2026, the U.S. luxury housing market's entry-level price held steady at $1.19 million, with the 90th percentile luxury threshold showing a slight year-over-year decline of 0.6%, indicating a stabilizing trend amidst regional differences in luxury definitions.
- Comparison of Legacy and Emerging Markets: In traditional markets like San Francisco and San Jose, the average luxury home was built in the 1970s, while in emerging markets such as Heber, Utah, and Boise, Idaho, the luxury segment is predominantly driven by new constructions, highlighting the varying lifecycle stages of these markets.
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- Expansion in Emerging Markets: Heber's luxury homes have a median build year of 2024, with properties often exceeding 3,500 square feet, attracting buyers who prioritize modern design and lifestyle amenities, reflecting a shift in consumer preferences towards newness and spaciousness.
See More
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- Stable Luxury Pricing: In January 2026, the U.S. luxury housing market's entry-level price held steady at $1.19 million, indicating market stability, despite a 0.6% year-over-year decline in the 90th percentile luxury threshold.
- Contrast Between Markets: Traditional markets like San Francisco and San Jose have luxury homes averaging built in the 1970s, while emerging markets such as Heber, Utah, and Boise, Idaho, are characterized by brand-new constructions, reflecting differing market lifecycles and buyer preferences.
- Market Dynamics and Buyer Preferences: In legacy markets, buyers prioritize location and historical value, whereas in emerging markets, modern design and spacious layouts attract buyers, showcasing a shift in the definition of luxury.
- Sales Velocity of Luxury Homes: Despite older housing stock, luxury homes in San Francisco sold in a median of 78 days in January, demonstrating that scarcity continues to drive sales speed even during market lulls.
See More
News Corporation Earnings Report and Rating Adjustments
- Earnings Highlights: News Corporation's FQ2 2026 report shows a revenue increase to $2.4 billion, up 6%, with total segment EBITDA rising 9% to $521 million, indicating strong performance in digital real estate and Dow Jones segments.
- Profitability Changes: Despite a 21% drop in net income from continuing operations to $242 million due to the absence of an $87 million one-time gain from the previous year, adjusted EPS rose to $0.40, and profitability margins improved to 22.1%.
- Segment Performance: Both Dow Jones and Digital Real Estate segments achieved double-digit profit growth, with Dow Jones recording a record digital advertising revenue of $87 million and Realtor.com seeing a 10% revenue increase, showcasing successful digital transformation.
- Market Challenges: The News Media segment reported flat revenues and a 5% decline in EBITDA, reflecting challenges in the print advertising market, while Book Publishing grew 6% to $633 million but was impacted by a $16 million one-time inventory charge at HarperCollins, highlighting pressures faced by traditional media.
See More
Significant Price Reduction Trends in New Construction Homes
- New Construction Price Cuts: By late 2025, nearly 20% of new homes experienced price reductions, surpassing the resale market for the first time, indicating builders' proactive response to buyer price sensitivity.
- Regional Disparities: States like Nevada, Indiana, South Carolina, Minnesota, North Carolina, New Jersey, and Texas show new construction price reduction rates exceeding the national average of 18.3%, with Nevada leading at 24.8%.
- Price Stability: In Q4 2025, the median listing price for newly built homes was $451,128, reflecting only a 0.3% increase year-over-year, while resale home prices remained flat, indicating relative stability in new home pricing.
- Supply and Demand Shifts: Newly built condos and townhomes carry a 30.7% price premium over existing attached homes, while new single-family homes are only 10.7% more expensive than existing ones, highlighting the critical role of new constructions in meeting buyer needs.
See More
Significant Price Reduction Trends in New Construction Homes
- New Construction Price Cuts: By late 2025, nearly 20% of new homes experienced price reductions, surpassing the resale market for the first time, indicating builders' proactive response to affordability pressures and high inventory levels, which could reshape market dynamics.
- Regional Disparities: States like Nevada, Indiana, South Carolina, Minnesota, North Carolina, New Jersey, and Texas show new construction price reduction rates exceeding the national average of 18.3%, suggesting intensified market competition that may lead to price wars in these regions.
- Stable New Home Prices: The median listing price for newly built homes in Q4 2025 was $451,128, reflecting only a 0.3% increase year-over-year, while resale home prices remained flat, indicating relative stability in new home pricing that could attract more buyers.
- Condo vs. Single-Family Pricing: Newly built condos and townhomes carry a 30.7% premium over newly built single-family homes, largely due to geographic factors, highlighting the significant role of condos in high-cost urban markets, which may influence buyer preferences.
See More
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- New Editor Appointment: Dow Jones has appointed Ben Levisohn as the editor in chief of Barron's, bringing 15 years of experience within the company, where he previously served as senior managing editor and was instrumental in launching Barron's Investor Circle, showcasing his expertise and leadership in financial publishing.
- Strong Market Interest: CEO Almar Latour noted that Levisohn takes the helm at a time of unprecedented investor interest in both the markets and Barron's, providing a favorable environment for him to drive brand growth and engagement.
- Rich Career Background: Levisohn began his career as a Wall Street equities trader with seven years of trading experience before transitioning to journalism in 2007, working at BusinessWeek and Bloomberg, which highlights his deep understanding of financial markets and passion for writing.
- Company Growth: Dow Jones recently reported a record quarter and six consecutive years of growth, currently boasting over 6 million subscriptions, indicating its strong influence and market position in the business news and intelligence sector.
See More
U.S. Luxury Housing Market Prices Stabilize
- Stable Luxury Pricing: In January 2026, the U.S. luxury housing market's entry-level price held steady at $1.19 million, with the 90th percentile luxury threshold showing a slight year-over-year decline of 0.6%, indicating a stabilizing trend amidst regional differences in luxury definitions.
- Comparison of Legacy and Emerging Markets: In traditional markets like San Francisco and San Jose, the average luxury home was built in the 1970s, while in emerging markets such as Heber, Utah, and Boise, Idaho, the luxury segment is predominantly driven by new constructions, highlighting the varying lifecycle stages of these markets.
- Demand and Supply Dynamics: The scarcity of luxury properties in legacy markets leads to rapid sales, exemplified by San Jose's luxury homes selling in a median of just 19 days in January, indicating buyers' willingness to pay a premium for location and historical value.
- Expansion in Emerging Markets: Heber's luxury homes have a median build year of 2024, with properties often exceeding 3,500 square feet, attracting buyers who prioritize modern design and lifestyle amenities, reflecting a shift in consumer preferences towards newness and spaciousness.
See More
U.S. Luxury Housing Market Prices Stabilize
- Stable Luxury Pricing: In January 2026, the U.S. luxury housing market's entry-level price held steady at $1.19 million, indicating market stability, despite a 0.6% year-over-year decline in the 90th percentile luxury threshold.
- Contrast Between Markets: Traditional markets like San Francisco and San Jose have luxury homes averaging built in the 1970s, while emerging markets such as Heber, Utah, and Boise, Idaho, are characterized by brand-new constructions, reflecting differing market lifecycles and buyer preferences.
- Market Dynamics and Buyer Preferences: In legacy markets, buyers prioritize location and historical value, whereas in emerging markets, modern design and spacious layouts attract buyers, showcasing a shift in the definition of luxury.
- Sales Velocity of Luxury Homes: Despite older housing stock, luxury homes in San Francisco sold in a median of 78 days in January, demonstrating that scarcity continues to drive sales speed even during market lulls.
See More
