The cost of unit turn depends on average rent, resident acquisition and maintenance expenses. Multifamily properties are diverse, but these factors are consistent across the industry. Turnover results in the loss of rental income plus maintenance and resident acquisition costs.
A modest complex with 200 units renting at $900 a month, a solid occupancy rate of 90% and a better-than-average turnover rate of 35% misses $4,725 of potential rental income per month plus incidental costs—more than $56,700 per year.
Keep your image up and residents ready to renew with a community-focused maintenance plan. Preventative maintenance reinforces retention. The less time your maintenance professionals spend turning apartments over, the more time they can invest in other areas of the property.
Knock off years of wear with a fresh coat of paint.
Impress current and prospective residents with a clean look.
Keep indoor air clean and your HVACs and PTACs running longer.
Optimize maintenance to maximize returns.
Replace appliances and hardware that have reoccurring issues instead of letting breakdowns dictate expenses and inconvenience residents. Regular maintenance and necessary repairs are ideal, but everything has a lifespan.
Retain residents with spotless appliances.
Ensure comfort with modern and efficient equipment.
Capitalize on unit turns to increase your property value, stay competitive and attract new renters. Current and future residents expect the latest technologies in their daily lives. Vacant units are prime candidates for these investment opportunities.
Add safety and improve nighttime curb appeal.
Reassure residents’ feeling of safety and security with reliable features.
Innovate with smart tech for cutting-edge units.
Prospective residents are turned off by the simplest things. During turn season, look for these easy fixes and common repair needs:
Give residents another reason to re-sign. Offering helpful maintenance touchups as lease renewal perks is a great way to keep units up to date and increase average tenancy.
Entice residents with easy fixes and low-cost upgrades with renewal, like a fresh coat paint, new showerheads and carpet cleaning.
Invest in property amenities for pet-owners to increase resident satisfaction and improve the likelihood of renewal.
Polish your landscaping with fresh flowers or water features during turn season to impress potential residents.