What is a Vacancy Rate?
The vacancy rate is a measure of the percentage of empty or unoccupied units in a rental property or properties. It is calculated by dividing the number of vacant units by the total number of units in the property and expressing the result as a percentage. For example, if a rental property has 100 units and 10 of them are vacant, the vacancy rate would be 10%.
A high vacancy rate can indicate that the property is not in high demand, while a low vacancy rate may indicate that the property is in high demand and may be able to charge higher rent. Vacancy rates can be affected by a variety of factors, including the location of the property, the quality of the units, the rental rate, and local economic conditions. Landlords and property managers may use vacancy rates to help them determine the appropriate rental rate for their units and to assess the demand for their properties.
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