Vacancy rate

Vacancy rate is the share of time a rental has no paying tenant. You can estimate it by dividing empty days by the days in the year. As an illustration, a home empty for 30 days in a year has a vacancy rate of about 8%. That is an example, not a statement about any specific home.

Vacancy costs more than the missing rent. You still pay the mortgage, taxes and insurance, and you may pay utilities, cleaning and extra marketing. That is why shortening days on market matters more than squeezing the last $25 of monthly rent.

Ways to cut vacancy include pricing at market rent, a fast make-ready, good photos, and early renewal offers. Real Property Management Gold ties part of its price to speed. Its 29-day promise reads: "If we don't rent your property in 29 days or less, you do not pay a management fee for the first month." It is included in the Gold and Platinum plans. See the fee details.