Vacancy Rates? What do you do?

[Mike Rodriguez]

Hi All! When it comes to vacancy, what are you doing with the loss for that while your unit is on the market?

For example, I have a unit renting for $950 a month, which means daily it is around $32. If a week is vacant, that's $224 that I lost! How can we recoup that?

Or is vacancy just a cost of the business?

[Stephen Brown]

The general rule of thumb is setting aside a month's worth of rent each year to cover for vacancy if you want to be very cautious. In this way you can have cash while you update your home for the next renter and find that next renter, which should take about a month.