Kathy Hochul has a message for Sean Duffy

[IbogaProject]

19. The average rent paid isnt that high

That is the average of new leases and ignores all renewals, which is the vast majority of all apartments.

The annual apartment turnover rate in Manhattan is roughly 1.75%. This means that about 1.75% of Manhattan apartments were vacant and available for new tenants in January 2025. While the overall vacancy rate is low, it has been declining in recent months, indicating a tight rental market.

The annual apartment turnover rate in Manhattan is roughly 14.8% for renters, which is significantly lower than the national average of 25.2%. This means that in Manhattan, a smaller percentage of renters move into a new apartment each year compared to the rest of the country. In fact, a larger percentage of Manhattan residents, both renters and homeowners, tend to stay in their homes for longer periods, with a higher percentage living in their current unit for over 10 years compared to the national average.