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Vacancy & Turnover Cost: What a Move-Out Really Costs a Landlord

When a tenant moves out, the cost is more than the cleaning bill. There is the rent you do not collect while the unit sits empty, plus the work and fees to get it ready and re-leased. Adding those up per turnover shows what tenant turnover actually costs you — and helps you judge whether a renewal offer might be worth it.

The two parts of turnover cost

1. Lost rent while vacant. Vacant days × daily rent. Two common ways to get a daily rent:

• 365-day method: monthly rent × 12 ÷ 365
• 30-day method: monthly rent ÷ 30

Pick one and use it consistently; the results differ slightly.

2. Out-of-pocket turnover costs. Cleaning, paint and repairs, rekeying, advertising and showing costs, utilities you pay while the unit is empty, and any move-in concession you give the next tenant. Subtract anything you lawfully recovered (for example from a deposit) to get the net cost.

A worked example (fictional numbers)

With the 30-day method the lost rent would be exactly $1,500.00. Your own numbers will differ — the point is to measure them rather than guess.

Comparing with a renewal offer

In the example, one turnover costs about $2,519. A one-time renewal credit of the same amount, or a rent reduction of about $209.95 a month for 12 months ($2,519.45 ÷ 12), would cost roughly the same. That simple break-even ignores many things — payment history, future rent changes, how long a new tenant might stay — so treat it as one input, not a decision. Apply any renewal offers consistently and in line with fair-housing rules.

The template

Vacancy & Turnover Cost Calculator — $12

• Turnovers tab (100 rows): move-out and re-lease dates, rent, seven cost types, concession and amount recovered
• Automatic vacant days (counting to your as-of date while a unit is still empty), lost rent by either method, net cost and cost in months of rent
• Summary with totals, averages, the most expensive turnover and where the money goes; optional move-out-year filter
• By-Unit tab (up to 30 units) and a Break-Even tab for renewal credits or 12-month rent reductions
• Sample data, instructions, changelog, license, and a filled example copy

Tested: 31,379 automated checks against independently calculated results, 0 failures at version 1.0.0 (LibreOffice recalculation; download and open in Excel (.xlsx) or LibreOffice, then check it once against the sample data). It records what you enter; it does not decide what you may charge a tenant.

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Related: free rental quick analyzer · Move-In / Move-Out Inspection Checklist