Cleveland Investors, what is your real-live vacancy rate?

[Dmitri K.]

So i see a lot of people ask what to use when estimating a vacancy rate or a cap expense rate. And a lot of times on pro-forma sheets a vacancy is listed at 5%. I just can't comprehend how that is a realistic number for the Cleveland area. I would like to hear from local investors what their actual vacancy is.

If your PM charges you 1 month fee to place a tenant, plus it takes 1 month to clean and find a new tenant (and this is the best case scenario), you are out of 2 month of rent for that year.

With that, in order to achieve a 5% vacancy your tenants need to stay for at least 3 years!!!

If you have an eviction(a very likely scenario in the Cleveland market), or if your PM does not give a timely 3-day notice. If tenants do more damage and it takes more to repair and clean up. If it takes more that 1 month to find a new tenant then your vacancy number gets progressively worse. 

So really, what are you guys getting? Is anyone at 10% or below?