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Make-Ready Capex Calculator
Make-ready cost — the work between move-out and the next move-in — is one of the most-watched line items in multifamily operations. Industry benchmark: $1,500-3,500 per turn for standard apartments. Higher turn frequency drives proportionally higher portfolio spend. This calculator builds the cost per turn and the annual portfolio spend across the unit count.
Cost / turn
$2,245
Annual make-ready spend
$107,760
Per unit / year
$898
How the math works
Make-ready costs cover the work between move-out and move-in: paint, carpet (often only 30-70% of turns), appliance repair, deep cleaning, and minor punch list. Industry benchmark: $1,500-3,500 per turn for standard apartment; less for short-stay corporate units.
Reduce make-ready cost by 20-40% via proactive maintenance during occupancy, security deposits aligned with damage, and resident education on minor maintenance.
How to Use
- Enter line items: paint, carpet (with replacement probability), appliance avg, cleaning, minor repairs.
- Enter turns per year per unit (typical 0.3-0.6) and unit count.
- Read cost per turn and annual portfolio spend.
Frequently Asked Questions
Carpet replacement probability?
Class A 25-40% (most carpets last 4-6 turns); Class B 50-65%; Class C 70-90%. Drives the bulk of the variance in make-ready cost.
Resident retention vs make-ready?
Each prevented turn saves $1.5-3.5K make-ready plus 1-3 weeks vacancy + leasing commission. Retention concessions of $500-1,000 often net positive.
Cap classification?
Make-ready is a mix — paint and minor repairs are opex; carpet and appliance replacement is capex. Industry typical 60% expense / 40% capitalize.
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