What is a vacancy rate?

A vacancy rate refers to the percentage of unoccupied units in a rental property at a given time. It is a crucial metric used by property managers and owners to assess the performance and desirability of their property. A high vacancy rate might indicate issues with the property, such as pricing, condition, or market demand, while a low vacancy rate suggests effective management and a strong rental market. Understanding and monitoring the vacancy rate helps property managers adjust marketing strategies and improve tenant retention measures.