In property management, what is meant by ‘tenant turn’?

‘Tenant turn’ refers specifically to the process and metrics associated with the time it takes to re-rent a unit after the previous tenant has moved out. This metric is crucial for property managers because it directly impacts the profitability of a rental property. A shorter tenant turn typically indicates efficient management practices, such as effective marketing, swift tenant screening, and timely maintenance, allowing landlords to minimize vacancy periods and maximize rental income.

The time taken to re-rent a unit includes various factors such as conducting necessary repairs, cleaning, marketing the property, showing the unit to prospective tenants, and finalizing lease agreements. Efficient management during this process not only helps maintain cash flow but also contributes to tenant satisfaction as new occupants can move in quickly.

The other options, while related to property management, do not accurately define ‘tenant turn’. Refurbishing units involves the physical preparation of a space for new tenants but doesn’t specifically measure the turnaround time. Transitioning tenants out relates to their actual departure rather than the time taken to fill the vacancy. A period of vacancy indicates a time with no tenants but does not encompass the active efforts to re-rent the unit. Understanding ‘tenant turn’ emphasizes the importance of managing not only the existing tenants but also the transition process to