See what your empty units cost, per day and in total. Enter the rent and how long units sit empty, then add utilities and turnover costs if you track them.
Total vacancy cost
$7,392.33
Leasing each unit 10 days sooner would save $1,864.11.
The calculator takes five numbers: how many units are vacant, the monthly rent for each one, how many days each unit sits empty, what you pay each month only because a unit is empty, and your one-time turnover cost per unit. It turns the monthly amounts into daily amounts, multiplies them by the days vacant, and adds the turnover cost.
Daily rent = monthly rent x 12 / 365Lost rent = daily rent x days vacant x vacant unitsCosts while empty = monthly costs while empty x 12 / 365 x days vacant x vacant unitsTurnover costs = turnover cost per unit x vacant unitsTotal vacancy cost = lost rent + costs while empty + turnover costsMultiplying by 12 and dividing by 365 gives one daily rate for the whole year. Dividing the monthly rent by 30 instead treats the year as 360 days and overstates the daily figure slightly. Figures are rounded to the cent only at the end.
If you enter the number of days sooner you could lease each unit, the calculator multiplies the cost per unit per empty day by those days and by the number of vacant units. That is the amount a faster lease-up would save.
Property tax, insurance and mortgage payments are not included. You pay them whether or not the unit is rented, so a vacancy does not change them. Add a cost to the monthly field only if you pay it because the unit is empty.
Say you have 3 vacant units that rent for $1,800 a month, and each one sits empty for 30 days. While a unit is empty you pay $90 a month for utilities a tenant would normally cover. Between tenants you spend $600 per unit on cleaning and paint.
| Step | Calculation | Result |
|---|---|---|
| Daily rent | $1,800 x 12 / 365 | $59.18 |
| Lost rent | $1,800 x 12 / 365 x 30 days x 3 units | $5,326.03 |
| Costs while empty | $90 x 12 / 365 x 30 days x 3 units | $266.30 |
| Turnover costs | $600 x 3 units | $1,800.00 |
| Total vacancy cost | $5,326.03 + $266.30 + $1,800.00 | $7,392.33 |
| Cost per day, all vacant units | ($1,800 + $90) x 12 / 365 x 3 units | $186.41 |
| Saved by leasing 10 days sooner | ($1,800 + $90) x 12 / 365 x 10 days x 3 units | $1,864.11 |
In this example, every day the three units stay empty costs $186.41. Filling each one 10 days sooner keeps $1,864.11.
Vacancy cost is the money a rental unit loses while it sits empty. It includes the rent you do not collect, costs you pay only because the unit is empty, such as utilities, and the one-time cost of getting the unit ready for the next tenant.
Multiply the monthly rent by 12 and divide by 365 to get the daily rent, then multiply by the number of days the unit sits empty. Add any costs you pay only while it is empty, worked out the same way, plus your turnover cost. A unit renting for $1,800 that sits empty for 30 days loses $1,775.34 in rent alone.
Monthly rent times 12, divided by 365, gives the same daily rate all year. Dividing by 30 treats the year as 360 days, so it slightly overstates what each empty day costs.
No. Property tax, insurance and mortgage payments are due whether or not the unit is rented, so a vacancy does not change them. Count only costs that exist because the unit is empty, such as utilities a tenant would normally pay.
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