How Can a Vacancy Occupancy Calculator Save You Time and Money?
It’s important to know the vacancy rate for an apartment building as an investor or multifamily professional for various reasons. First, this number helps you identify anticipated cash flow and if you should pivot your current leasing strategy.
Continue reading below to learn more about calculating vacancy rate. If you found this information helpful, subscribe to the Realync newsletter to learn more about improving the performance of your communities.
Speed Up Lease Up
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PRE-LEASE OCCUPIED UNITS
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CONVERT A HIGHER PERCENTAGE OF YOUR LEADS INTO LEASES
when you receive notifications when prospects are viewing videos to cater your follow up.
SPEND LESS TIME TO CLOSE EACH LEASE
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INCREASE SIGHT-UNSEEN LEASING
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Improve Community Engagement
PROMOTE YOUR PROGRAMS BETTER
via pre-recorded videos by linking via social media or internal apps.
DECREASE MAINTENANCE REQUESTS
by creating maintenance videos.
REINFORCE COMMUNITY RULES
by receiving notifications when residents are viewing videos to know who has seen a message and who hasn’t.
REDUCE REPETITIVE QUESTIONS
because consumers retain 10% of a message when reading it via text, but 90% of a message when viewed in a video.
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Vacancy Rate Calculator
Are you looking for a way to run a successful apartment complex? If so, you need to be aware of how to calculate vacancy rate. The vacancy rate definition can vary depending on exactly how you calculate it. That is why it might be helpful to use a vacancy rate calculator. For example, you may be interested in the number of units that are vacant right now. Or, you might be interested in the number of units that are going to be vacant down the road. You need to consider residents who have signed a lease but have not yet moved in, those who are currently there, and residents who might not be renewing their leases. Therefore, it may not be as simple as taking the current occupancy rate and subtracting it from 100 percent.
The reason why this is so important is that this is directly related to the amount of revenue you are bringing in. If the vacancy rate is too high, this means you have a lot of vacant units. As a result, you are not generating a lot of revenue, and you may have a difficult time balancing the books. On the other hand, if the vacancy rate is low, this is a sign that you are generating plenty of revenue. You may have lots of capital you can use to expand operations in the future.
Clearly, this number is important. So, how exactly do you calculate vacancy rate? There are several options available, and you need to compare the benefits and drawbacks of each option before you decide which one is best for you. Remember that this number is going to be used to drive a lot of decisions you make. Therefore, you need to take the time to get this right.
How To Calculate Vacancy Rate in Excel
If you are trying to figure out your average vacancy rate, you may be wondering how to calculate vacancy rate in excel.
You can use Microsoft Excel to keep records of your vacancy rate as it fluctuates. One of the biggest benefits of using Microsoft Excel is that you have access to an automated formula that can calculate your vacancy rate for you.
If you want to calculate your vacancy rate, you need to figure out how you are calculating this number. For example, are you purely interested in the number of people who are living in your property right now? If so, you may be leaving out a few people who might be paying a lease on an apartment but who might not have moved in yet. Or, are you interested in calculating the number of people who are currently paying a lease? If that is the case, you may be including people who are paying at least but who are not currently living in the building.
How you decide to calculate this formula is going to be a major driver of how you use the information. Therefore, it is important to not only understand the formula but also understand what the number means. That way, you can make the best possible decision for your multifamily community.
The good news is that you do not necessarily have to pigeonhole yourself into a single formula. You can change the formula you use depending on how you want to deploy the information. That way, you will have an easier time making decisions as quickly as possible, helping you stay ahead of some of the other apartment buildings in the community. If you are tired of doing clerical work, then you may want to take a look at how Microsoft Excel could help you calculate your vacancy rate. This is not necessarily a number you have to calculate by hand. If you are wondering, “what is a good vacancy rate for rental property,” the answer is that it varies depending on the type of property you have.
How To Calculate Vacancy Loss
The average vacancy rate for your rental property is going to vary depending on your turnover, the size of the property, and the length of your leases.
That is why it may be helpful to use an average vacancy rate calculator if you are wondering, “how do you calculate vacancy rate?”
You also need to learn how to calculate vacancy loss. Vacancy loss is an important number because it refers to the amount of revenue the owner of the property is going to lose because there are units that are not currently filled. Even though you might not fill all of your units, it is important for you to fill as many of them as possible. That way, you can minimize your revenue loss.
This calculation is relatively straightforward. What you have to do is take a look at the number of vacant units you have any given month. Then, you need to multiply this by the rent you are losing. You may also need to tack on any potential fees that go along with that rent, as you are not going to be collecting any of this money either.
Keep in mind that even though the unit is empty, you will probably still have to spend money on that unit. You need to perform maintenance on the heating system and air conditioning to keep it in good working order. You may also have to pay some utilities if there are appliances in the unit that are running.
You need to keep the unit in good condition because you want to rent it out as quickly as possible. Remember to keep track of your vacancy loss, as this is going to dramatically impact the amount of revenue you can generate. You may want to develop a new marketing plan that can help you rent out as many of these units as possible.
Vacancy Rate Calculator Human Resources
There are numerous ways vacancy rates can be calculated, and you might also be curious about a vacancy rate calculator for human resources. If you are wondering, “what is vacancy rate in real estate,” this refers to the number of vacant units you have in your complex. You want to keep this number as low as possible because a vacant unit is not going to be generating any rent.
On the other hand, there are other vacancy rates as well, and you may be curious about your vacancy factor budget. For example, if you have positions in your employment office that are open, this could also be interpreted as a vacancy rate. The more vacant positions you have, the higher your vacancy rate is going to be for your employment team. Even though you do not have to pay a salary for those positions (because nobody is working), this could still have a negative impact on your performance. There is a reason why those positions are open, and you need to get them filled if you want to work to get done.
It is a good idea to understand how to calculate a vacancy rate for human resources. You can take a look at your employee turnover and figure out what you have to do to keep people around.
How To Calculate Vacancy Rate for Rental Property
So, are you wondering how to calculate the occupancy rate for apartments? If you are wondering how to calculate vacancy rate for rental property, you are probably curious about the average vacancy rate for apartments. The average vacancy rate can vary significantly depending on where you are located, the price of your units, and how long the leases are. For example, if you can convince people to sign a longer-term lease, you have more guarantee that rental income is going to come in. Therefore, your average vacancy rate might be lower.
You may also be interested in calculating your future vacancy rate. This number is going to be different because you would look into the future, take a look at the number of leases you have signed, and figure out how many units are taken during that time. This number is important because someone might be calling looking for an apartment a few months in the future. You need to let them know what units are available so they can figure out if they want to sign a lease or not.
What Is a Good Vacancy Rate
So, what is a good vacancy rate? You also want to minimize your vacancy rate in your multifamily community. There are several ways you can do exactly that. First, you need to have a strong marketing plan that makes it easier for people to learn about the units you have available. Then, you need to do everything you can to keep your current occupants happy. That way, they will renew their leases and they will not go anywhere else. You need to focus on filling vacant units and keeping your residence around.
Finally, you may also be wondering, “what is a vacancy factor in budgeting?” This refers to the gross revenue you are losing because of vacant units. Obviously, you want to keep this number as low as possible. Otherwise, you may have a difficult time making ends meet. Do everything you can to keep your vacancy rate low.