Tenant Turnover Cost Calculator
Add up the real cost of a move-out — lost rent during vacancy, make-ready repairs, leasing commission and marketing — in dollars and months of rent.
How it works
Turnover cost = (rent ÷ 30 × vacancy days) + make-ready + leasing + marketing
Turnover is one of the largest hidden costs in rental ownership, and the vacancy gap is usually the biggest slice — every empty day is rent you never bill back. Layering on make-ready repairs, a leasing commission and advertising, a single turnover often equals two to three months of rent. That math is why a modest rent concession to retain a good tenant frequently pays for itself.
Worked example
At $1,800 rent, a 30-day vacancy loses $1,800; add $1,500 make-ready, $900 leasing and $200 marketing and the turnover costs $4,400 — about 2.4 months of rent.
Frequently asked questions
Why does vacancy dominate the turnover cost?
Rent stops the day a tenant leaves but expenses continue, so each vacant day is pure lost income you can never recover. Cutting the vacancy gap — by starting the make-ready early and marketing before move-out — is the single most effective way to lower turnover cost.
Is it cheaper to renew a tenant at a lower rent?
Often yes. If a turnover costs two months of rent, a small renewal discount that keeps a reliable tenant in place can beat re-leasing at full price. Compare the concession against your calculated turnover cost.
Should normal wear-and-tear be in make-ready?
Include everything you actually spend to re-rent — paint, cleaning, minor repairs — since that is your real cash outlay. Costs you can legitimately deduct from a security deposit reduce your net turnover cost, so track those separately.
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Educational estimate, not financial or investment advice.