Cost Breakdown for Multifamily Apartments

Turning an apartment to prepare for new renters can be quite overwhelming for property management, and as the busy summer moving season hits, they will feel this strain even more. Many companies in the industry use seven working days as a guideline to turn a home, but management groups expect five. 

The costs can be tremendous (especially when you calculate labor savings and reduced vacancy loss). Using an apartment turns partner can help a community free up time to focus on current resident needs and save much-needed revenue, especially given hiring challenges many communities are experiencing.  

Take a 300-home Dallas Community for example:

  • Average rent $1,500 monthly/$50 daily

  • Giving back average of 3 days due to increase turn days @ $150 per apartment home

  • 180-home turnover x 150 days available on market

  • 15 hours per week spent on contractor management at $27 per hour during peak leasing season: $6,480 per year

  • 10 hours per week at $27 per hour during regular season: $9,720 per year

Total annual financial impact = $43,200

Valet Living is a leader in this space, operating in Denver, San Jose, San Diego, Sacramento, and Los Angeles. As one Denver-based property manager puts it: “We are always up against a deadline: move ins. We have parameters that we must stay within to meet and exceed the standards of our own company, and Valet Living is one of the best partners I have worked with that help us achieve our goals.”

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