What does "tenant turnover" refer to?

"Tenant turnover" specifically refers to the process of tenants vacating a rental unit and new tenants moving in. This concept is crucial in property management as it directly impacts occupancy rates, income stability, and the overall management of a rental property. When a tenant moves out, the property manager must address various tasks to facilitate the transition, such as cleaning, making necessary repairs, marketing the unit to find a new tenant, and conducting background checks on potential renters.

Understanding tenant turnover is essential for landlords and property managers to maintain a sustainable rental income. A high turnover rate can indicate issues with the property or management practices, requiring attention to reduce vacancies and improve tenant retention. In contrast, the other choices relate to different aspects of property management, such as financial strategies and marketing tactics, but do not encapsulate the full meaning of tenant turnover.