It’s a feeling every property manager knows: the slow, sinking feeling of a vacant unit. It’s more than just an empty space; it’s a hole in your budget and a constant reminder of work to be done. But what’s the real cost of that vacancy? It’s not just the lost rent—it’s a cascade of hidden expenses that can eat away at your profits and your peace of mind.

Let’s break it down. The national average to fill a vacancy is about 5 to 6 weeks. In hot markets like the Bay Area, you might fill a unit in a little over a month, but in other areas, you could be looking at a two-month vacancy. That’s two months of lost rent, right off the top. For a $2,000/month apartment, that’s a $4,000 loss before you even start marketing.

And marketing is where the costs really start to add up. The average cost to acquire a new tenant can be anywhere from $200 to $500. If you’re relying on expensive listing services, that number can balloon to over $600 per lease. Why so high? Because those services have a notoriously low conversion rate—around 2-3%. That means you’re paying for a lot of window shoppers.

But the costs don’t stop there. You also have to factor in the time you spend on the leasing process. The average lead-to-lease conversion time is a staggering 4 to 6 weeks. That’s over a month of your life spent on back-and-forth emails, phone calls, and showings. And with a lead-to-lease conversion rate of only 5%, you’re spending a lot of time on leads that go nowhere.

So what can you do? How can you fight back against the hidden costs of vacancy? The key is to streamline your leasing process. Here are a few tips:

• Automate your lead follow-up. When a new lead comes in, you need to respond immediately. An automated email or text can make all the difference.
• Use a CRM to track your leads. A good CRM will help you stay organized and ensure that no lead falls through the cracks.
• Offer online applications and lease signing. This will make it easier for tenants to apply and sign a lease, which will speed up the process.

At Haven, we’re obsessed with helping property managers save time and money. Our platform automates the entire leasing process, from lead generation to lease signing. We help you fill vacancies faster, so you can get back to what you do best: managing your properties.

Ready to take back your time and your profits? Learn more about Haven today.