The Independent Budget Office published a report Tuesday that broke down the areas which saw the highest turnover of rent-stabilized apartments between 2010 and 2015. The agency found the annual turnover rate for rent-stabilized apartments averaged 12 percent citywide, and that there was a substantial difference in turnover rates between buildings built prior to 1974 and those built later.
Units that were built after 1974 are generally stabilized in exchange for tax benefits and tend to have rents closer to their neighborhood’s market rate. These newer buildings had an average turnover rate of 20 percent citywide. Older buildings, on the other hand, had an average turnover rate of 11 percent.
If you exclusively look at units built prior to 1974, Morningside Heights had the highest turnover (17 percent), followed by Astoria (15 percent), and Bay Ridge (also 15 percent). If you look at the data for rent-stabilized units built at any period, however, the numbers look a little different.
To see the top 5 neighborhoods with the highest rate of rent-stabilized apartment turnover (for units built in any period), watch the video above.
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