Time Is Money: Reducing Unit Turnover Time via Multifamily Executive Magazine

Once a unit is vacated, the clock starts ticking. On a portfolio-wide scale, units being turned over can add up to thousands, and even millions, of dollars every day.

“This will vary greatly by market, as vacancy loss is driven by average rents. However, I would say that each vacant unit could cost an owner anywhere from $1,500 to over $5,000 per month when you factor in make-ready costs, advertising, and incentives to get the unit leased,” says John Rials, managing director of real estate for Charleston, S.C.–based Greystar.

There's no getting around the fact that turnover rates hover around the 50 percent mark nationwide, as that’s just a result of demographic trends, employment, and renter mobility driven by Gen Y and its adaptive approach to seeking employment and finding somewhere to live. But having control over move-out dates can be a crucial factor in cutting maintenance costs during the time between tenants. And apparently it’s not as hard as one might think when common sense is applied.

Read more...Time Is Money: Reducing Unit Turnover Time - Occupancy And Vacancy Rate - Multifamily Executive Magazine