I can confirm that the vacancy rates in our properties have typically been in a relatively narrow band between 4% at the high end down to as low as 1%.
We have seen over the last two years that the vacancy rate has been fairly consistent between 1% and 2%. I see that on the low end and on the dangerously tight end, in the sense that I'm advocating for more supply and more choices for customers, and I would be pleased to compete with others in my industry to attract tenants to our properties. My sense is that we are within the lower end of the vacancy band that we have seen.
One other point I would make is that we are noticing that our residents, our renters, are moving out with far lower frequency. We used to see turnover of people moving out of their apartments in a range between 20% to 30% of the units every year. What we're finding at the moment is that it's at or around the 10% range, which is the lowest I have seen in 27 years in the business.