Vacancies for turnkey SFH

[Matthew Diionno]

I am looking to invest in a few turnkey SFR with Memphis Invest, but I am also considering other turnkey providers. From this TK perspective, even when the numbers look good on excel for my expectations, one thing I'm still trying to get comfortable with is vacancy / turnover between tenants. Specifically, I am curious about what an average number of days / months one can expect in Memphis, Little Rock, Tulsa, or similar rental hot markets. I might be under the wrong impression, but it SEEMS that these markets are particularly saturated with a large number of SFR rentals available for tenants to choose. As a result, I am concerned that it might take longer to fill a vacant SFR in markets like these than you would expect in other cities, and wonder if it would be prudent to make additional allowances in my estimates.

While I am grateful for any insight the BiggerPockets community may have, I am specifically looking for feedback from investors who have owned TKs in these markets for several years and have experience on what the turnover between tenants looked like. Did your experience align with the expectations / estimates provided by the TK provider? Were they all rented prior to closing, or did you experience a period of time after taking possession without income? What was the shortest and longest term in which your TK rental sat vacant?
 

[Kris Mead]

@Matthew Diionno

Though I haven’t purchased turnkey, my properties on average have taken about 45 days to rent in Little Rock from closing.