Tenant Turnover Cost Calculator

Work out tenant turnover cost instantly with clear inputs, formula shown and shareable results.

About Tenant Turnover Cost Calculator

Turnover cost combines the void rent, making good the unit and the cost of finding a new tenant. Expressing the total in months of rent makes the case for retention concrete: a turnover costing four months of rent means a rent reduction of five percent to keep a good tenant pays back in under seven years, and much sooner if it avoids two turnovers.

Formulas

Turnover cost

Total = rent x void months + refurbishment + rent x letting fee months

In months

Months of rent = total cost / monthly rent

Worked example

With the default values below, Tenant Turnover Cost Calculator returns Total cost of turnover of $215,000.00. Change any input above and every figure here is recalculated in your browser.

Inputs used

Monthly rentminimum 0: 45,000
Void periodminimum 0 months: 2 months
Refurbishment and cleaningminimum 0: 80,000
Letting feeminimum 0 months rent: 1 months rent

Results

Total cost of turnover: $215,000.00
Rent lost during the void: $90,000.00
Letting fee: $45,000.00
Cost expressed in months of rent: 4.78 months

Step by step

1Values used
2Turnover cost
3In months
4Total cost of turnover= 215,000.00
5Rent lost during the void= 90,000.00
6Letting fee= 45,000.00
7Cost expressed in months of rent= 4.78 months

Assumptions and limits

The result is derived only from the 4 inputs listed above. Anything not among them is not part of the calculation.
In particular, this calculator does not take inflation or tax into account.
Figures are rounded for display to 2 decimal places, so totals built from several rounded parts can differ slightly from the unrounded arithmetic.

How these calculators are built and tested is described on the Methodology page. If a figure looks wrong, please report it.

Frequently Asked Questions

How is the Tenant Turnover Cost figure worked out?

Total = rent x void months + refurbishment + rent x letting fee months. Turnover cost combines the void rent, making good the unit and the cost of finding a new tenant.

Is it better to hold out for a higher rent?

Rarely. One extra void month costs about 8 percent of annual rent, so holding out for a five percent higher rent takes twenty months just to break even.

What values do I need to enter?

This calculator takes 4 inputs: Monthly rent, Void period, Refurbishment and cleaning, Letting fee. The pre-filled defaults are a realistic worked example — replace them with your own site or project figures.