At renewal time, owners often push rent to market. Sometimes that is right. Often the math favors keeping a good tenant.
Count the cost of turnover
- Days vacant times the daily rent.
- Cleaning, paint and repairs.
- Advertising and showing time.
- Leasing fees, if a manager places the tenant.
Compare the year
Compare a year of renewal rent with a year of market rent minus the turnover cost. Add the risk that a new tenant may not be as good.
Our renew or turn over calculator compares both.
General information, not legal, tax or financial advice.
This article is general information, not legal, tax or regulatory advice. Rules change; confirm current requirements with the responsible agency or a licensed professional.
