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Exposure
Exposure shows vacant and upcoming available units, helping teams spot vacancy risk, plan leasing, and coordinate turns.
Definition
Exposure is a forward-looking multifamily metric that shows how many units are vacant or likely to become vacant within a defined period. It is often expressed as a unit count or percentage, commonly using vacant units plus notice units, minus pre-leased units, divided by total units. Higher exposure signals more upcoming vacancy risk.
Example
A 470-unit community has 26 vacant units, 18 notice units, and 9 pre-leased units. Exposure is 26 + 18 - 9 = 35 units, or 35 ÷ 470 = 7.5% exposure.
Why it matters
Exposure helps operations leaders see vacancy risk before it shows up in occupancy. It can guide leasing urgency, pricing conversations, marketing focus, and make-ready planning so teams prioritize the units most likely to affect revenue.