Average cost per vacated multifamily property U.S. 2022-2023, by cost driver
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.