Vacancy Rate

Vacancy rate is the percentage of rentable apartment units that are unoccupied during a specific point in time or period. It is commonly calculated as vacant units ÷ total units × 100. It is the inverse of occupancy rate, so vacancy plus occupancy should generally equal 100%.

A 250-unit apartment community has 15 vacant apartments at month-end. Its vacancy rate is 15 ÷ 250 × 100 = 6%, meaning 6% of the property’s units are not occupied.

Vacancy rate helps operations leaders understand how much inventory is not producing rent and where leasing, pricing, renewals, or make-ready performance may need attention. Some vacancy is normal because units transition between residents, but sustained or rising vacancy can signal demand issues, slow turns, or revenue risk.