Reducing Turnover Time to Maximize ROI in Multifamily Properties

Boosting ROI Through Reduced Turnover Time and Improved Resident Retention

In the multifamily industry, turnover is one of the most significant drivers of operational costs. Between vacancy loss, marketing expenses, repairs, and staff time, the average cost of a single turnover can exceed $2,500. By reducing turnover time and improving resident retention, properties can unlock substantial savings and increase their ROI.

AppWork addresses these challenges head-on, providing solutions that streamline operations, improve communication, and deliver measurable results for both small properties and large portfolios.

How Turnover Costs Impact ROI

When a resident moves out, the costs quickly add up:

1. Vacancy Loss

   • On average, a vacant unit remains unoccupied for 30 days, costing approximately $1,200-$1,500 in lost rent depending on rent prices.

2. Marketing and Leasing

   • Advertising the unit and offering concessions costs $500-$800, while leasing staff spend hours showing the unit and processing applications.

3. Repairs and Cleaning

   • Minor repairs, repainting, and cleaning typically cost $500-$700 per turnover.

4. Administrative Costs

   • Staff time to process move-outs, finalize accounts, and onboard new residents adds another $300-$500 per unit.

For a 100-unit property with a 50% turnover rate, this results in 50 turnovers annually, costing $125,000 per year. Scaling this to a 2,500-unit portfolio, turnover costs can reach $3.125 million annually.

How AppWork Reduces Turnover Costs and Increases ROI

AppWork provides multifamily operators with the tools to tackle both turnover time and turnover rates, driving significant cost savings:

1. Reducing Turnover Time (Vacancy Loss)

Streamlined Maintenance Operations
AppWork ensures maintenance teams can complete make-ready tasks faster by automating scheduling, prioritizing tasks, and providing real-time updates on progress. Faster unit turnarounds mean fewer days of lost rent.

Transparency and Accountability
With AppWork’s digital make-ready board, property managers have full visibility into each step of the turnover process, reducing delays and ensuring timelines are met.

ROI Impact: Reducing the average vacancy period by just 5 days saves $200-$250 per unit in lost rent.

• 100-unit property: Saves $10,000-$12,500 annually.
• 2,500-unit portfolio: Saves $250,000-$312,500 annually.

2. Lowering Turnover Rates (Improved Retention)

Proactive Resident Communication
AppWork keeps residents informed with automated updates on maintenance requests, ensuring they feel valued and connected to their community. This reduces frustration—one of the top drivers of non-renewals.

Improved Resident Experience
By streamlining maintenance workflows, AppWork ensures faster resolutions to work orders, leading to higher satisfaction and increased renewal rates.

ROI Impact: Increasing retention rates by 5% means 5 fewer turnovers annually for a 100-unit property, saving $12,500 per year (5 units × $2,500 per turnover).

• 2,500-unit portfolio: Saves $312,500 per year (125 fewer turnovers annually).

Combined Savings for 100 Units and 2,500 Units

100-Unit Property

• Vacancy Loss Reduction: $10,000-$12,500 annually.
• Retention Savings: $12,500 annually.
• Total Savings: $22,500-$25,000 annually, just by implementing AppWork.

2,500-Unit Portfolio

• Vacancy Loss Reduction: $250,000-$312,500 annually.
• Retention Savings: $312,500 annually.
• Total Savings: $562,500-$625,000 annually, demonstrating the scalable ROI of AppWork.

Turning Challenges into Savings

Turnovers are costly, but they’re also one of the most controllable expenses in multifamily operations. By leveraging AppWork to reduce turnover time and improve resident retention, properties can save hundreds of thousands of dollars annually while enhancing operational efficiency and the resident experience.

Whether managing a 100-unit property or a 2,500-unit portfolio, the financial benefits of streamlined operations and higher retention rates are clear.

Ready to reduce your turnover costs and improve ROI?
Contact us today to learn how AppWork can help transform your maintenance operations and resident communication!

AppWork was created by property managers who understand the real challenges of running multifamily communities. Having worked in the industry, AppWork designed solutions to streamline operations, empower maintenance teams, and enhance efficiency. With tools like work order tracking, digital make ready boards, and advanced inspection software, AppWork helps communities stay organized and proactive. Discover how AppWork can transform your property management processes and improve tenant satisfaction.