Lost rent is only part of what an empty month costs you. The taxes, insurance and mortgage keep running, the make-ready has to happen, and the unit has to be marketed again. This adds it up, then answers the question every owner actually asks: is it worth dropping the rent to fill it faster?
The vacancy
What it costs
Rent you never collect—
Costs that ran anyway—
Make-ready and leasing—
Total cost of this vacancy—
Every day it stays empty—
Should you drop the rent to fill it?
Cutting the asking rent costs you every month of the lease. Holding out costs you every day it sits. Here is where those two meet.
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Estimates for comparing choices, not a forecast. For a real number on a real address, ask us for a rental analysis.