Tenant turnover is the process, and the cost, of replacing a departing tenant: the move-out inspection and deposit reconciliation, cleaning and repairs, re-listing and screening, and the days the unit sits empty before a new lease begins. It’s one of the largest controllable expenses in operating a rental.
The real cost of turnover is more than make-ready spend — the lost rent during vacancy often dwarfs the repairs. That’s why retaining a good tenant through a fair renewal usually beats chasing a slightly higher rent that triggers a move-out. Estimating your turnover cost per unit makes that trade-off concrete.