In property management, what does "turnover" refer to?

Turnover in property management specifically refers to the process of preparing a rental unit for a new tenant after the previous tenant has vacated. This involves a series of activities, such as cleaning the unit, making necessary repairs, painting, and ensuring that all utilities are functioning properly. The goal of this process is to make the property appealing and ready for new occupants, which directly affects the ability to fill vacancies quickly and maintain cash flow.

Efficient turnover is critical for property managers to minimize vacancy periods, as each day a rental unit remains unoccupied can result in lost rental income. Therefore, understanding and managing turnover effectively is essential for successful property management and tenant satisfaction.