When a resident vacates a rental property, property managers incur in turnover costs such as lost rent during the vacancy period, concessions, unit repair costs, and advertising and marketing costs. According to a survey among multifamily property managers in the United States, on average, companies faced almost 4,000 U.S. dollars per property vacated in 2023, with the lost rental income being the biggest cost driver.
Average cost incurred by multifamily companies per vacated rental property in the United States from 2022 to 2023, by cost driver
(in U.S. dollars)
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Zego. (September 18, 2023). Average cost incurred by multifamily companies per vacated rental property in the United States from 2022 to 2023, by cost driver (in U.S. dollars) [Graph]. In Statista. Retrieved October 09, 2024, from https://www.statista.com/statistics/1082441/turnover-cost-multifamily-properties-usa/
Zego. "Average cost incurred by multifamily companies per vacated rental property in the United States from 2022 to 2023, by cost driver (in U.S. dollars)." Chart. September 18, 2023. Statista. Accessed October 09, 2024. https://www.statista.com/statistics/1082441/turnover-cost-multifamily-properties-usa/
Zego. (2023). Average cost incurred by multifamily companies per vacated rental property in the United States from 2022 to 2023, by cost driver (in U.S. dollars). Statista. Statista Inc.. Accessed: October 09, 2024. https://www.statista.com/statistics/1082441/turnover-cost-multifamily-properties-usa/
Zego. "Average Cost Incurred by Multifamily Companies per Vacated Rental Property in The United States from 2022 to 2023, by Cost Driver (in U.S. Dollars)." Statista, Statista Inc., 18 Sep 2023, https://www.statista.com/statistics/1082441/turnover-cost-multifamily-properties-usa/
Zego, Average cost incurred by multifamily companies per vacated rental property in the United States from 2022 to 2023, by cost driver (in U.S. dollars) Statista, https://www.statista.com/statistics/1082441/turnover-cost-multifamily-properties-usa/ (last visited October 09, 2024)
Average cost incurred by multifamily companies per vacated rental property in the United States from 2022 to 2023, by cost driver (in U.S. dollars) [Graph], Zego, September 18, 2023. [Online]. Available: https://www.statista.com/statistics/1082441/turnover-cost-multifamily-properties-usa/
