How much does vacancy and turnover cost a 150-unit building?

Key takeaways

• One apartment turnover costs $3,872 to $4,000 per unit on average. Lost rent makes up about 40%.
• A 150-unit Class A building at 43% to 50% turnover faces $260,000 to $300,000 per year.
• Lost rent alone accounts for $134,000 to $180,000 of that total, depending on rent level.
• Vacancies are lasting longer, adding roughly $275 per unit in extra cost versus 2020.
• The turnover rate is the lever asset managers control.

Turnover looks like a line item. It behaves like a recurring tax on your entire building.

Most cost content stops at one unit. That does not help an asset manager or property manager running a stabilized 150-unit Class A community who needs the actual annual hit to NOI.

This article runs that building's numbers. A single turnover now costs close to $4,000. Multiply that across 65 to 75 turns per year, and the total climbs past $260,000. The largest share is lost rent, which is a direct function of how many units turn.

What one apartment turnover actually costs

The most widely cited figure comes from Zego's 2023 Resident Experience Management Report, a survey of 630 property managers at 250-plus-unit communities. That survey found an average turnover cost of $3,872 per unit, with the three-year average holding near $4,000. Broader industry estimates commonly cite a $1,000 to $5,000 range per turn, depending on unit condition and local labor costs.

Costs are climbing, and vacancies are lasting longer than they did before the pandemic. Turnover remains one of the largest controllable expenses on a multifamily operating statement.

Where the money goes

Zego's 2023 report breaks down the $3,872 average into four components:

• Lost rent and vacancy: $1,560 (roughly 40% of the total)
• Concessions: $1,218
• Unit repairs: $736
• Marketing: $358

Lost rent is the single largest line item. It starts at move-out and runs until the next lease begins. Repairs vary widely by unit condition. Marketing spend depends on local competition.

The key point for asset managers: the 40% lost-rent share is not fixed. It grows or shrinks with vacancy duration and how many units turn.

How much vacancy adds to the bill

Vacancy is where costs compound. According to RealPage, the average apartment sat vacant for 34.4 days at the end of 2024, up from roughly 30 days in early 2020, which adds about $275 per unit in extra cost. National effective rent averaged $1,818 per month in January 2025, per RealPage. That translates to roughly $60 per day in lost rent.

At 34.4 vacant days, one turnover costs more than $2,000 in lost rent alone, before a single repair.

Leasing timelines have also stretched. According to Apartment List, list-to-lease now averages 41 days and national vacancy reached 7.3% in early 2026. The longer a unit sits, the deeper the hit to NOI.

Running the numbers on a 150-unit Class A building

Here is a worked calculation for a stabilized 150-unit Class A residential community. The national figures serve as a conservative floor. The model also shows a Class A rent assumption of $2,400 per month (above the national average) to illustrate how lost-rent costs scale for premium properties. That Class A figure is an assumption, not a sourced statistic.

Step 1: Calculate annual move-outs

• 150 units × 43% turnover rate = 65 turns per year
• 150 units × 50% turnover rate = 75 turns per year

National turnover runs 40% to 50%. Zego's surveys show retention around 56% to 57%. MAA reported 41.5% turnover in Q1 2025.

Step 2: Calculate total turnover cost

• 65 turns × $4,000 per turn = $260,000 per year
• 75 turns × $4,000 per turn = $300,000 per year

Step 3: Isolate lost rent

At the national effective rent of roughly $1,818 per month (about $60 per day):

• 65 turns × 34.4 vacant days × $60 per day ≈ $134,000 per year

At the Class A rent assumption of $2,400 per month (about $80 per day):

• 65 turns × 34.4 vacant days × $80 per day ≈ $179,000 per year

Step 4: Scale it across larger assets

The same math scales with unit count. At 40% to 50% turnover and $4,000 per turn, a 225-unit community lands near $360,000 to $450,000 a year, and a 300-unit community runs past $480,000.

These totals are illustrative calculations, not published statistics.

Why the number is really a retention problem

Asset managers and property managers cannot do much about paint costs or labor rates. They can change how many units turn.

Residents leave for controllable reasons like rent increases and unresolved maintenance. Thirty-one percent of renters cited maintenance as a factor in their decision to leave, per NMHC data referenced in Zego's 2023 report. Satisfied residents, by contrast, are 34% less likely to plan a move within the year.

Staff stability also matters. Zego's 2023 survey found that properties with staff turnover under 20% averaged 60% resident retention, compared to 54% for those above. AppFolio's 2025 Renter Preferences Report found that renters satisfied with their property manager are 73% more likely to renew.

The cheapest turnover is the one that never happens. For a 150-unit building, a six-point improvement in retention means roughly nine fewer turns per year, or $36,000 in annual savings.

Cutting turnover cost by keeping residents longer

Faster make-readies trim the edges. Renewals move the total.

A sense of community is a retention driver asset managers can shape across a portfolio. Programs that give residents something memorable strengthen building identity and give property teams a reason to engage during renewal conversations. A 2025 myQ Community study of Class A renters found that staff interactions, engaging amenities, and a sense of connection are the strongest drivers of resident satisfaction.

Alvéole's managed rooftop beekeeping and tenant-engagement program is built for this. The program includes beekeeper visits, workshops, branded honey, and year-round engagement. The MyHive dashboard gives property teams participation data they can reference in renewal conversations and reporting.

It is scalable and low-lift. Teams get a turnkey amenity that works across a portfolio and supports biodiversity disclosure for GRESB, WELL, and LEED. A modest lift in renewals translates directly into fewer turns and lower lost rent.

Frequently asked questions

How much does it cost to turn over an apartment?

Roughly $3,872 to $4,000 per unit on average, per Zego's 2023 survey. Broader industry estimates put the range at $1,000 to $5,000 depending on unit condition. Lost rent is the largest component at about 40%.

What is a good turnover rate for apartments?

National apartment turnover runs 40% to 50% per year, and some large operators report rates in the low 40s. Pushing retention above 60% is where asset managers see meaningful cost savings.

How long does an apartment turnover take?

Make-ready work takes several days. The full vacancy period averaged 34.4 days at end of 2024, per RealPage. List-to-lease now averages 41 days nationally. Every extra day is lost rent.

What does turnover cost a 150-unit Class A building each year?

Roughly $260,000 to $300,000 per year at 43% to 50% turnover and $4,000 per turn. Lost rent accounts for $134,000 to $180,000 of that total. These are illustrative calculations. Class A rents push the lost-rent share higher.

The bottom line

Turnover is not a maintenance problem. It is a retention problem with a six-figure price tag.

For asset managers running a 150-unit Class A community, vacancy and turnover drain $260,000 to $300,000 from NOI every year. The controllable lever is the turnover rate, not the per-unit price.

Alvéole's rooftop beekeeping and tenant-engagement program is built for multifamily portfolios that want to strengthen retention without adding operational burden. Book a demo to see how it works across your buildings.