What is "tenant turnover"?

"Tenant turnover" refers specifically to the change of tenants in a rental unit. This includes situations where a current tenant vacates the property and a new tenant moves in. Managing tenant turnover involves several aspects, such as marketing the unit to prospective renters, conducting screening procedures, and preparing the property for new tenants.

This process is significant for landlords and property managers because it impacts occupancy rates and can incur costs associated with cleaning, repairs, and advertising. Ensuring a smooth turnover can help minimize the duration a rental unit remains vacant, thus affecting overall profitability.

While concepts like signing new leases, managing vacancy periods, or adjusting rental fees are related to the overall property management process, they do not specifically define tenant turnover. Understanding this distinction is vital for efficient management practices.