The Cost of Losing Residents

[Tracy Minick]

Every property faces resident turnover. Turnover hurts a property due to a loss of rent, possible rent concessions to release the unit, and “make-ready” expenses. According to CBRE: “The National Apartment Association estimated that turnover costs are at least $1,000 per unit and can easily rise to over $3,000.” This can be a significant hit, especially when multiple residents leave at once.
The first step is to improve the relationship between the office and tenants. Simply improving communication between staff and residents can greatly improve satisfaction and resident rapport.
https://www.cbre.us/research-and-reports/US-Multifamily-Research-Brief---Apartment-Turnover-Rate-Continues-to-Fall-July-2019?utm_source=Mailchimp&utm_medium=Email&utm_campaign=APT&utm_term=The%20Cost%20of%20Losing%20Residents