Vacancy
Leasing
Operations
Vacancy kills cashflow faster than any single expense. Treat it as a modeled, managed risk.
Model It First
- Budget 6–8% vacancy for residential; more if heavy seasonality.
- Map lease expirations; avoid stacking multiple ends in winter.
- Track lead velocity vs season; shift pricing/terms accordingly.
Reduce Likelihood
- Renewal outreach at 90/60/30 days; offer options (term, minor upgrades).
- Maintenance responsiveness = retention. SLA: acknowledge same day.
- Photos + honest descriptions; cut “surprise” factor at showings.
Shorten Downtime
- Pre-list before vacant when allowed; schedule showings around current tenant with notice.
- Turn kits ready: paint codes, vendor list, standard materials.
- Dynamic pricing: small concessions on term start dates beat big rent cuts.
Utah Lens
Leasing slows in deep winter. Front-load renewals before holidays; use flexible start dates and remote showings when roads/air quality are rough.
Developer’s Angle
- Dashboard: expirations by month, lead-to-lease conversion, days vacant.
- Alerts: leases clustering in off-season; low lead count triggers marketing push.
- Templates: renewal offers, showing scripts, concession guardrails.
Takeaway
Vacancy is predictable. Model it, smooth expirations, and keep tenants by being responsive. The numbers will thank you.