Vacancy cost calculator for Columbus rentals
A vacant unit costs monthly rent divided by 30 for every day it sits empty. At the $1,708 portfolio median for a 3 bed, that is $57 a day and $1,822 across a typical 32-day turn and lease-up.
The short version
- Daily cost of a vacant unit equals monthly rent divided by 30
- At the $1,300 median 2 bed rent, that is $43 a day
- At the $1,708 median 3 bed rent, that is $57 a day
- Median 12 days to turn a unit plus 20 median days on market is a 32-day cycle
- A 32-day cycle on a 3 bed costs $1,822, about 8.9% of a year's gross rent
- Portfolio occupancy is 91%
- RLPM credits management fees back after 60 days of vacancy
- Holding out for $50 more rent pays off only if it costs under 11 extra vacant days on a 3 bed
How do you calculate the cost of a vacant rental?
Divide monthly rent by 30 to get the daily cost, then multiply by the days the unit sits empty. That is the lost rent. Then add three things that are easy to forget: turn costs, the carrying costs that keep running, and the cost of re-leasing.
The whole calculation, in four lines
- Lost rent. Monthly rent divided by 30, times the number of vacant days.
- Turn cost. Paint, cleaning, flooring, repairs and trash-out between residents.
- Carrying cost. Mortgage, taxes, insurance, lawn and snow, and every utility that reverts to your name.
- Re-leasing cost. Marketing, showings, screening, lease preparation and photography where new photos are needed.
Lines 1 and 3 run every single day. Lines 2 and 4 happen once. That is why the number of vacant days matters more than the size of the turn bill for most owners.
Every figure on this page is rounded to the nearest dollar. Dividing by 30 rather than by the actual length of the month is the convention property managers use, and it is close enough that the difference never changes a decision.
What does one vacant day cost in Columbus?
At the median rents across the 700+ units we manage. Find the row closest to your rent, or run your own number through the same formula.
| Unit | Median rent | Per vacant day | 32-day cycle | 60 days | Share of a year's rent |
|---|---|---|---|---|---|
| 1 bed | $1,100 | $37 | $1,173 | $2,200 | 8.9% |
| 2 bed | $1,300 | $43 | $1,387 | $2,600 | 8.9% |
| 3 bed | $1,708 | $57 | $1,822 | $3,416 | 8.9% |
| 4 bed | $2,450 | $82 | $2,613 | $4,900 | 8.9% |
The 32-day column is our median turn of 12 days plus our median 20 days on market. Median days from the date a unit is listed to the date a lease is signed, across all units leased in the trailing 12 months. The last column is that cycle expressed against twelve months of gross rent, which is the number to carry into your own return calculation.
What does a vacancy cost by the day?
Lost rent only, before turn and carrying costs. Read down your rent, across to the number of days.
| Monthly rent | 7 days | 14 days | 19 days | 32 days | 45 days | 60 days | 90 days |
|---|---|---|---|---|---|---|---|
| $1,100 (1 bed) | $257 | $513 | $697 | $1,173 | $1,650 | $2,200 | $3,300 |
| $1,300 (2 bed) | $303 | $607 | $823 | $1,387 | $1,950 | $2,600 | $3,900 |
| $1,708 (3 bed) | $399 | $797 | $1,082 | $1,822 | $2,562 | $3,416 | $5,124 |
| $2,450 (4 bed) | $572 | $1,143 | $1,552 | $2,613 | $3,675 | $4,900 | $7,350 |
Sample sizes behind each median: 1 bed, 46 units; 2 bed, 237 units; 3 bed, 292 units; 4 bed, 89 units.
What does this look like on a real Columbus unit?
A 3 bed at $1,708, turned and leased on schedule
Daily cost is $1,708 divided by 30, or $57. The resident moves out, the turn runs our median 12 days, and the unit leases in our median 20 days on market, so 32 vacant days in total.
Lost rent: $57 times 32 days equals $1,822, about 8.9% of a year of gross rent. Turn and carrying costs sit on top of that.
A 2 bed at $1,300, still empty at 60 days
Daily cost is $43. At 60 days the lost rent is $2,600, which is more than 18 months of management on Plan Two. A unit still sitting at 60 days is almost always priced above the market or showing badly, and both are fixable in a week.
This is the point where our commitment kicks in: past 60 days on the market we proactively credit management fees back to your account.
A 4 bed at $2,450, held back three weeks for a repair
Daily cost is $82. Twenty-one days waiting on a contractor before the unit can even be listed costs $1,715 in rent, and it happens before day one of marketing. Add the normal 32-day cycle after that and the total is $4,328.
Scheduling the turn before the move-out date, rather than after it, is worth more on a high-rent unit than any negotiation you will have with the contractor.
Should you hold out for a higher rent?
Only if the wait is short enough. $50 a month is $600 over a twelve-month lease. Here is how many extra vacant days that $600 buys you, by rent. Wait longer than the number in the last column and the lower rent would have earned more.
| Unit | Median rent | Per vacant day | $50 a month, over a year | Break-even in vacant days |
|---|---|---|---|---|
| 1 bed | $1,100 | $37 | $600 | 16 days |
| 2 bed | $1,300 | $43 | $600 | 14 days |
| 3 bed | $1,708 | $57 | $600 | 11 days |
| 4 bed | $2,450 | $82 | $600 | 7 days |
On a $1,708 3 bed, holding out for $50 more rent pays off only if it costs fewer than 11 extra vacant days. Our median days on market is 20. That is the whole argument for pricing to the market on day one instead of testing a number for two weeks.
One caveat in the other direction: the higher rent persists into renewals, and the vacancy does not. If the resident stays three years, a $50 difference compounds into $1,800 of forgone rent. Our lease renewal rate is 72%, so this is a real consideration rather than a theoretical one. The test is whether you can defend the higher rent with comparables, not whether you would like it.
What else belongs in the total?
Three lines we cannot fill in for you, because they are specific to your property.
- Your carrying costs. Mortgage principal and interest, property tax, insurance, lawn and snow, and every utility that reverts to your name the day the resident leaves.
- Your turn cost. Paint, cleaning, flooring, trash-out and the repairs that only surface once the unit is empty.
- Re-leasing. With us that is $0, apart from photography at $250 to $450 where the unit is newly vacant or has had major cosmetic work. Elsewhere it is commonly half a month of rent.
Write those three numbers down once for your property and keep them. Together with the daily cost of rent, they turn every future vacancy decision into arithmetic instead of an argument.
Vacancy cost questions
How do you calculate the cost of a vacant rental property?
Divide monthly rent by 30 to get the daily cost, then multiply by the number of days the unit is empty. At the $1,708 portfolio median for a Columbus 3 bed, that is $57 a day, $1,708 for a month and $3,416 for two. Add turn costs and the carrying costs that do not stop when the rent does: mortgage, taxes, insurance and the utilities you switch back into your own name.
How long does a rental usually sit empty?
Across the 700+ units RL Property Management manages, median days on market is 20 and median days to turn a unit is 12, so a typical full cycle from move-out to signed lease runs about 32 days. Median days from the date a unit is listed to the date a lease is signed, across all units leased in the trailing 12 months. Portfolio occupancy is 91%.
Is it worth holding out for a higher rent?
Only if the wait is short. $50 a month is $600 over a year. On a $1,708 3 bed, that is the same as 11 extra vacant days, and on a $1,300 2 bed it is 14 days. If holding the higher price costs more days than that, the lower rent earned more money. This is the single most useful calculation on this page.
What costs are there beyond the lost rent?
Three groups. Turn costs, meaning paint, cleaning, flooring and repairs between residents. Carrying costs, meaning mortgage, property tax, insurance, lawn and snow, and the utilities that revert to you. And re-leasing costs, meaning marketing, showings, screening and photography, which run $0 with us apart from photography at $250 to $450 where new photos are needed.
Do I still pay a management fee while the unit is empty?
Yes, and this is where a flat fee and a percentage fee differ. A percentage fee is charged on collected rent, so it falls to zero in a month with no rent. Our flat fee is charged whether the unit is occupied or not. The offset is a written commitment: if a property has been listed for rent longer than 60 days, we proactively credit management fees back to your account.
What actually shortens a vacancy?
Four things, in this order: pricing the unit against live comparables rather than last year's rent, having the unit genuinely ready to show on day one, replying to inquiries within hours, and making showings easy to book. Most lost leases are lost to a slow reply or a unit that shows badly, not to the price.
How much vacancy should I budget for in a year?
Budget from your own turnover rate, not from a rule of thumb. If a unit turns once a year and the cycle runs 32 days, that is about 8.9% of gross rent on a $1,708 3 bed. If the resident renews, it is close to zero. Our portfolio lease renewal rate is 72%, which is why renewals matter more to annual return than the rent increase you chase with a turn.
Does this calculator work for small multifamily?
Yes. The formula is per unit, so run it once per unit and add the results. The one difference is that shared utilities, common area lighting and shared lawn care keep running at full cost regardless of how many units are occupied, so the carrying cost line does not scale down the way it does on a single-family house.
Last verified September 2026. Reviewed by Peter Lohmann, Principal Broker and CEO.
Rent medians are across the 700+ units RL Property Management manages, as of September 2026. Day counts come from our published scorecard. Figures are rounded to the nearest dollar and are an illustration of the formula, not a forecast for any specific property.
Where to go next
- Maintenance reserve calculatorHow much to hold per unit for repairs.
- Marketing and leasingHow we shorten the days on market.
- Free rent evaluationPrice the unit against live comparables first.
- All owner toolsCalculators and the market report.
- PricingWhat the flat fee covers, including the vacancy credit.
The cheapest way to shorten a vacancy is to price it right
A free written rent evaluation gives you a rent range and the comparables behind it, so day one of marketing is at the right number instead of two weeks in.