Landlord Vacancy Rate Calculator: Empty Months as a Share of Total
Work out a rental property's vacancy rate — the headline measure of how much rental income is lost to empty units, and the figure underwriting models include before they show a net yield.
Adjust the inputs and select Calculate for a full breakdown.
Compare Common Scenarios
How the numbers shift across typical situations for this calculator:
| Scenario | Vacancy rate | Occupancy rate |
|---|---|---|
| 3 of 60 unit-months | 5.00% | 95.00% |
| 1 of 12 unit-months | 8.33% | 91.67% |
| 8 of 120 unit-months | 6.67% | 93.33% |
| 4 of 24 unit-months | 16.67% | 83.33% |
How This Calculator Works
Enter vacant unit-months and total unit-months. For a single rental, count months across one unit. For a portfolio, sum vacant months across all units and compare against units times months. The calculator divides one by the other to give vacancy rate, with occupancy shown alongside.
The Formula
Part as a Percentage of a Whole
Part is the portion, Whole is the total it belongs to
Worked Example
Three vacant unit-months out of a five-unit, twelve-month period (60 unit-months) is a 5% vacancy rate, with 95% occupancy. Stabilized residential markets often run 4% to 7% vacancy; commercial swings wider with the cycle.
Key Insight
Vacancy rate is the difference between gross potential rent and effective rent. A 5% vacancy on a $30,000-a-year unit is $1,500 of foregone income — enough to wipe out a year of careful cost control. Underwrite the vacancy you expect, not the zero-vacancy fantasy a pro-forma starts with.
Frequently Asked Questions
How is vacancy rate calculated?
Divide vacant unit-months by total unit-months over the same period, then multiply by 100. Three vacant months out of 60 unit-months is a 5% vacancy rate.
What is a normal vacancy rate?
Stabilized US residential markets typically run 4% to 7%. Hot metros run lower; college towns spike between school years. Commercial real estate runs wider, often 5% to 15% depending on segment.
Should I include intentional vacancy?
Yes — vacancy for renovation or marketing time still represents lost rent. Many landlords track 'economic vacancy' separately from 'physical vacancy' to see what was unavoidable versus what was strategic.
How does this differ from occupancy rate?
They are complements. Vacancy = 100% minus occupancy. The calculator shows both — occupancy is the more common rental-listing metric, vacancy the more common underwriting one.
How can I lower vacancy?
Slightly lower asking rent, longer marketing windows before lease-end, easier move-in terms, and pre-leasing programs. The cost of higher vacancy almost always exceeds the cost of a slightly lower rent.
Related Calculators
Methodology & Review
The vacancy rate is vacant unit-months divided by total unit-months over the period, multiplied by 100. The complement is the occupancy rate. The unit-month approach works for single rentals (months across one unit) and portfolios (months across many).
Written by Ugo Candido · Last updated May 17, 2026.