Multifamily Turnover Cost Calculator

Turn costs vary 2–4x across markets and operator efficiency — quantify and benchmark.

Paint

Flooring (carpet refresh / LVP)

Deep clean

Minor maintenance

Leasing commission

Lost rent during turn

Total turn cost

$5,350

Hard cost

$2,800

Soft cost (commissions + lost rent)

$2,550

How the math works

Hard cost = paint + flooring + cleaning + maintenance. Soft = commission + lost rent.

$650 + $1,200 + $300 + $650 + $750 + $1,800 = $5,350 fully loaded turn cost.

How to Use

Enter paint.
Enter flooring (carpet refresh / lvp).
Enter deep clean.
Enter minor maintenance.
Enter leasing commission.
Enter lost rent during turn.
Read total turn cost.

Frequently Asked Questions

Turn cost benchmarks?

Class A: $3,500–7,000 (paint, light carpet/LVP refresh, full clean, minor maintenance). Class B: $2,500–5,000. Class C: $1,500–3,500 (deeper paint, carpet replace 5-yr cycle, appliance repair). Heavy turn: $5,000–15,000 (full carpet replace + major maintenance). Time: 5–14 days typical, 7–10 days target. Lost rent during turn: $35–125/day. Lease-up time post-turn: 14–60 days. Add lease-up to all-in turn cost.

How does this support multifamily underwriting?

Multifamily acquisition and operations teams use this calculator alongside rent roll, T-12 P&L, expense ratio benchmarks, and comp set rents. Pair with a unit-level upside model and concession reconciliation. Sensitivity testing on rent growth, expense growth, and exit cap is essential — small changes compound on stabilized NOI and IRR.

Class A vs B vs C variance?

Class A: newer construction, premium amenities, higher rents but lower yield, lower expense ratio (~35–45%). Class B: 1990s–2000s build, value-add target, mid yield, expense ratio 40–50%. Class C: 1970s–1980s, deep value-add or workforce, higher yield but higher expense ratio (45–60%) and capex burden. Adjust assumptions to class.

When does this metric actually move the deal?

Single-line items rarely change a deal materially, but stacked operational improvements compound. A 3% rent increase + 1.5% expense reduction + 50 bps cap compression = 25–40% IRR uplift over 5 years. Use this calculator alongside others in the operations stack to identify the best 3–5 levers to focus on post-close.