In property management, what does the term 'turnover' refer to?

In property management, 'turnover' primarily refers to the rate of tenants leaving a property. This concept is crucial for property managers as high turnover rates can indicate potential issues with tenant satisfaction, property conditions, or market competitiveness. Understanding turnover allows property managers to strategize on maintaining tenant retention, optimizing lease terms, and minimizing vacancy periods.

When turnover is high, it can lead to increased costs associated with re-listing the property, marketing to find new tenants, and the expenses related to preparing the unit for new occupants. Recognizing this metric helps property managers adopt proactive measures to enhance tenant experience, ultimately contributing to the stability and profitability of their properties.

While the other options touch on aspects of tenant management and property operations, they do not capture the broader implication of turnover as a measure of tenant migration and its effects on occupancy rates and overall operational efficiency.