Glossary term
Turnover
Turnover is how often residents move out and units must be re-leased. It is usually shown as the share of units that turn over in a year.
Turnover rate is the number of move-outs in a year divided by total units. If 40 of 100 units turn in a year, turnover is 40 percent.
Each turn costs money: lost rent while the unit is empty, make-ready work, marketing and leasing time. Lower turnover usually means steadier income and lower costs.
Strong service, quick maintenance, fair renewals and a good community help residents stay. That is why retention is a focus for many managers.
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