Market rate housing is housing that may be rented or sold to any person, at whatever price agreed upon ("market rate") by buyer and seller or renter and owner. There is no restriction on what income households can buy, rent, or remain in the housing; or a buyer's right to resell the property at any price; or the amount of rent which may be charged in future.
Housing may have previously been some type of regulated affordable housing, and reverted to market rate. For example, housing developed under subsidy or covenant agreements requiring it to be restricted for some number of years in its rental rates or the income level of tenants.
Also, in some forms of rent control, a rental unit may be rented at full market rate to a new tenant upon vacancy of the previous tenant.