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.
For a useful per-turn estimate, add vacancy loss, cleaning and repairs, utilities carried while empty, advertising and screening, leasing labor or fees, and any concessions offered to the next tenant. Track the same components after each completed turn so future renewal and reserve decisions use your property’s actual operating record rather than a generic average.
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Written and maintained by the Aptoria editorial team
Editorial method reviewed July 28, 2026. Aptoria reviews scope, source fit, examples, limitations, links, and publication gates. This record does not claim attorney, CPA, lender, appraiser, or other independent professional sign-off.
Related terms
Investing metrics
Vacancy rate
The share of rental units — or potential rent — that sits empty and uncollected over a period.
Leasing
Lease renewal
The process of extending a tenancy for a new term when the current lease is about to end.
Rent
Market rent
The rent a unit would command today if offered to a new tenant in the current local market.
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