Blended Lease Trade Out Calculator

Blended trade-out combines new/renewal. This calculator computes.

Renewal count

Renewal trade-out %

New lease count

New lease trade-out %

Blended trade-out %

6.38%

Total leases

160

Renewal share %

53.13%

How the math works

Blended = (renewal count × renewal %+ new count × new %) / total leases.

85 renewals at 4.5% and 75 new at 8.5%: 160 total, 6.4% blended, 53% renewal share. Healthy market. If blended below 3%: pressure on NOI growth target. Above 10%: hot market but check concessions — gross vs net effective matters.

How to Use

Enter renewal count.
Enter renewal trade-out %.
Enter new lease count.
Enter new lease trade-out %.
Read blended trade-out.

Frequently Asked Questions

Why track?

Multifamily KPI. Reported in earnings (REITs). Blends rent lift from renewals (stable tenants) vs new (market-priced). Signal of market strength: high blended trade-out means rent growth exceeding comps; low or negative signals weakness.

Typical ranges?

Strong market: 8-15% blended. Normal: 4-8%. Soft: 0-3%. Correcting: negative 2-8%. Renewal trade-outs typically lower than new (3-6% typical) because current tenants avoid full market pricing.

Segment by type?

Studios: highest turnover, different pricing. 1BR/2BR/3BR: different yield curves. Effective vs gross rent (adjust for concessions). Renewal trade-out excluding concession burn-off: cleaner measure.

What documentation matters here?

Written leases, move-in/move-out inspections with photographs, ledger entries showing every payment and charge, served notices with proof of service, and contemporaneous emails or texts. Courts weigh written evidence heavily; informal understandings rarely stand. Institutional operators run a monthly file audit to catch gaps before they matter. Good paper trails recover most of what's owed.