Turnover Cost

Turnover cost is the total cost of a resident moving out and preparing the apartment for the next resident. It can include lost rent, marketing, applicant screening, cleaning, repairs, make-ready work, and planned upgrades. Operations teams use it to understand the financial impact of each move-out, not just the visible maintenance bill.

A 200-unit community has several move-outs in one month. For each turn, the team tracks cleaning, paint, repairs, vendor invoices, days vacant, and any leasing incentives so leaders can see the full cost of getting each unit ready and re-leased.

Turnover cost affects maintenance workload, vacancy loss, operating expenses, and NOI. Tracking it helps leaders compare properties, improve make-ready scheduling, evaluate resident retention efforts, and decide when faster turns or preventive maintenance are worth the investment.