Vacancy Cost Report
What is your empty rental costing you?
Every day a rental stays empty costs you money. Put in your numbers to see how much. Then, before you cut the price, find out what is holding it back.
Every week it stays empty costs you about
- Each empty day
- Each empty month
- Lost so far
How much of a year's rent is gone
- Lost to empty days
- The rest of a year's rent
Get a free vacancy review
Scan the code or call 719.581.RENT. Chuck Kelley, our Broker/Owner, will look at what is holding your rental back and what it should rent for. No obligation.
This is an estimate for comparing choices. It does not predict how fast any home will rent or what it will rent for. It assumes the home would have rented at the prices you asked, and looks at the first lease only.
If you lower the price: when it pays off
- Hold the price: rent lost while it stays empty
- Lower it today: what the drop costs over the lease
Days from today
Show the numbers as a table
| When | Hold the price | Lower it today |
|---|
Why is it not renting?
Renters move through three steps: they ask about the home, they see it, and they apply. A rental that is not renting is almost always stuck at one of them. Find the one that matches what you are seeing.
Step 1: Few inquiries
Usually means: the price is above what similar homes rent for, or not enough renters are seeing the listing.
What fixes it: compare it to similar homes renting right now, and make sure the listing is complete, with good photos, on the major rental sites.
Step 2: Inquiries, but few showings
Usually means: interested renters are not getting a fast answer or an easy way to see the home.
What fixes it: same-day replies and a simple way to book a showing. A price cut will not fix this one.
Step 3: Showings, but no applications
Usually means: people came, looked and passed. Something about the home held them back, or the showing itself did. Many renters would rather tour a home on their own than with an agent beside them.
What fixes it: find out what they said after the showing, fix what they named, and offer self-guided tours. That usually beats lowering the rent.
Do not know these numbers for your home? Ask your property manager how many inquiries, showings and applications it has had, and what people said after seeing it. If nobody can tell you, that is worth knowing too.
What Eclipse owners see while a home is empty
While a home is listed, Eclipse owners can get a weekly leasing report in their inbox with inquiries, showings, applications and days on market. You never have to guess which part is stuck.
When a home is not renting, we look at those numbers first. Sometimes the answer is price. Often it is photos, condition or follow-up, and a price cut would not fix any of those.
Get a free vacancy review
Tell us where the rental is. Chuck Kelley, our Broker/Owner, will look at what is holding it back and what it should rent for. No obligation.
Get a Free Vacancy ReviewHow we figure it
- What an empty day costs: the rent plus any monthly bills while it is empty, times 12, divided by 365.
- Lost so far: each asking rent times the days it sat empty at that price, figured the same way.
- What a price drop costs: the monthly drop times the months in the lease. It pays for itself if the home rents sooner by that cost divided by what an empty day costs, rounded up to a whole day.
This is an estimate for comparing choices. It does not predict how fast any home will rent or what it will rent for. It assumes the home would have rented at the prices you asked, and looks at the first lease only.