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Unit Renovation Budget Calculator
A full renovation runs $15K-$50K+ for a 1-2BR unit and should drive 15-40% rent lift plus reduced days-to-lease. This calculator sums scope and compares the spend against monthly rent lift to find payback months.
Payback months
82.7
Renovation cost
$33,770
All-in cost (incl. vacancy)
$35,153
Monthly rent lift
$425
Annual rent lift ROI
15.1%
Vacancy loss during renovation
$1,383
Subtotal before contingency
$30,700
Contingency
$3,070
How the math works
$30,700 renovation + $1,382 vacancy loss = $32,082 all-in. $425/mo rent lift → 75 month payback. That's 6.25 years — longer than target but acceptable for a hold-for-20-years strategy.
Renovate most aggressively before long-term holds or cap-rate sales. Light refresh strategy beats big reno for hold periods under 7 years because payback never lands. Know your hold period before swinging hard.
How to Use
- Enter scope cost for kitchen, bath, flooring, paint, fixtures, appliances.
- Enter expected rent lift vs pre-renovation rent.
- See total cost, monthly rent lift, and payback months.
Frequently Asked Questions
What's a realistic rent lift?
Full kitchen + bath + flooring renovation: 18-30% rent lift in most markets. Cosmetic updates + paint only: 8-12%. Adding luxury features (quartz, stainless, LVP, black fixtures): adds 3-5%.
Payback target?
24-48 months. Below 24 months: strong renovation ROI. 48-72 months: marginal; usually indicates overbuild for market. Over 72 months: don't do it unless renovating for your own preference (and accept the lower ROI).
Do I renovate vacant or between-tenants?
Always vacant. Between-tenant is the ideal window because you're paying for vacancy anyway. Adding 3-4 weeks of vacancy for a full renovation at turn captures the rent lift starting month one of new tenancy.
Key cost-savers?
Keep layout — any plumbing/electrical move adds $5K-$15K. Refinish cabinets vs replace ($1,500 vs $6,500). Laminate counters vs quartz ($350 vs $2,500) unless luxury market. Paint over rather than replace if existing surfaces are sound.
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