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Rent Roll Vacancy Gap Calculator
Gross potential rent is what the building could produce if every unit were at market and every tenant paid on time. Reality is always lower. This calculator drills the gap into six separate leakages — loss-to-lease, physical vacancy, turn downtime, concessions, bad debt, and non-revenue units — so you can see which one is actually hurting.
Rent roll average
Model, employee, offline
Total vacancy & leakage gap
$100,915
Economic occupancy
79.69%
Effective gross income
$395,885
Gross market potential
$496,800
Loss-to-lease (below market)
$41,760
Physical vacancy loss
$27,302
Turn / downtime loss
$11,945
Concession loss
$8,532
Bad debt loss
$9,101
Model / down unit loss
$2,275
Gap % of market
20.31%
How the math works
The rent roll shows scheduled rent, but actual collections are always lower by six distinct leakages: loss-to-lease (below-market rents), physical vacancy, turn downtime, concessions, bad debt, and non-revenue units (model, employee, down). This calculator rolls all six into a single economic-occupancy number. Strong operators run 92-95%, mediocre properties 85-90%, distressed sub-80%.
Underwriters stress-test each leakage separately because mixing them hides problems. A property at 96% physical occupancy with 12% bad debt has the same EGI as one at 88% occupancy with 0% bad debt — but the second is far easier to fix through marketing. Always break the gap apart so your value-add thesis targets the actual weakness.
How to Use
- Enter unit count, market rent, and your in-place rent roll average.
- Set physical vacancy rate from your operations report.
- Estimate downtime (days) between leases and annual turnover rate.
- Add average concession (free rent months) given to new tenants.
- Estimate bad-debt / collection loss from your A/R aging.
- Include model, employee, or permanently down units.
Frequently Asked Questions
What's loss-to-lease?
The difference between market rent and your in-place rent roll. If market is $1,800 and your average tenant pays $1,650, you have $150/month/unit of loss-to-lease. It's the single largest leakage at most stabilized properties and the primary lever in a value-add business plan.
What's a good economic occupancy?
Class-A urban: 93-96%. Class-B garden: 90-93%. Class-C / workforce: 85-90%. Anything below 85% suggests one of the six leakages is broken — usually bad debt, rarely marketing. Top-quartile operators run 95-97% sustained.
How does this differ from physical occupancy?
Physical occupancy only measures 'is the unit rented?' Economic occupancy measures 'is the unit paying market rent in full?' A 98% physical but 85% economic property has a massive hidden problem — usually concession burn-off plus bad debt.
What should I attack first?
Look at the biggest leakage. If loss-to-lease dominates, it's a renewal/turn strategy problem. If bad debt dominates, tighten screening. If concessions dominate, your marketing is weak — raise asking, cut concession. If downtime dominates, fix the make-ready process. Vacancy is rarely the actual problem.
Related Calculators
Vacancy Rate Calculator
Physical vacancy math.
Vacancy Loss Calculator
Vacancy income loss.
Rent Collection Loss Calculator
Bad debt and collection loss.
Gross Scheduled Rent Calculator
Gross scheduled income base.
Rent Concession Calculator
Concession impact on effective rent.
Unit Mix Income Calculator
Build the rent roll from unit mix.
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