General Vacancy

General vacancy refers to the percentage of available units or spaces in a property that are unoccupied during a specific period of time. Vacancy rates are a key performance indicator in the real estate industry, as they provide insight into the demand for rental properties, the effectiveness of property management, and the overall health of the market.

There are three types of vacancy rates commonly used in real estate: Physical Vacancy, Economic Vacancy, and Market Vacancy

Monitoring and managing vacancy rates is essential for property owners and managers, as high vacancy rates can negatively impact rental income and property value. Strategies for reducing vacancy rates include offering competitive rents and amenities, implementing effective marketing and tenant retention programs, and maintaining the property in good condition to attract and retain tenants.