Free Lease Renewal Analysis Calculator
Compare the cost of renewing a current tenant at a new rate versus turning the unit and finding a new tenant, factoring in vacancy, make-ready costs, and leasing expenses.
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Total Revenue if Renewed
$21,000
Total Revenue with New Tenant$16,850
Net Advantage of Best Option$4,150
Total Turnover Cost$5,350
Lost Rent During Vacancy$1,850
Break-Even New Tenant Rent$2,195.83
Total Revenue if Renewed vs New Lease Term (months)
Lease Renewal vs. Turnover Analysis
Deciding whether to renew a current tenant or turn the unit for a new tenant requires comparing total net revenue, not just the monthly rent difference.
Renewal Path
Total Revenue = Renewal Rent x Lease Term
Turnover Path
Total Revenue = (Market Rent x Lease Term) - Vacancy Loss - Make-Ready Cost - Leasing Fee
Hidden Turnover Costs
When to Renew vs. Turn
Example Calculation
Current rent $1,650, renewal offer $1,750, market rent $1,850, 30 days vacancy, $2,500 make-ready, $1,000 leasing fee, 12-month lease.
- 01Renewal revenue: $1,750 x 12 = $21,000
- 02Vacancy cost: $1,850 / 30 x 30 = $1,850
- 03Total turnover cost: $1,850 + $2,500 + $1,000 = $5,350
- 04New tenant gross: $1,850 x 12 = $22,200
- 05New tenant net: $22,200 - $5,350 = $16,850
- 06Renewal wins by: $21,000 - $16,850 = $4,150
- 07Break-even new rent: ($21,000 + $5,350) / 12 = $2,196