What does 'tenant turnover' refer to?

'Tenant turnover' refers specifically to the transition from one tenant to another. This process encompasses a variety of activities, including the end of the lease for an existing tenant, preparations for the arrival of a new tenant, and the various tasks that property management must address to facilitate this change. It highlights the dynamics of leasing properties where tenants vacate and new tenants are brought in, which can significantly impact occupancy rates and overall property management efficiency.

While related concepts like the time taken to find new tenants are important metrics for property managers, they are part of the broader tenant turnover process. Understanding tenant turnover is crucial for effective property management because it affects revenue, maintenance schedules, and overall tenant satisfaction.