Vacancy Rate (units) measures the share of rental units in a property or portfolio that are unleased at a given point in time. The metric focuses on the number of units (e.g., apartments, commercial spaces, or parking spots) rather than their area or rental value.
How is it calculated?
(Number of vacant units / Total number of leasable units) × 100
Why is it important to follow?
This metric provides a simple and clear view of vacancy levels, independent of unit size or rental value. It is particularly useful in analyses where the number of units matters more than their area or income, such as in residential management where each unit corresponds to a tenant relationship. By monitoring vacancy rate (units), property companies can identify leasing trends, compare different asset categories, and plan leasing efforts with a unit-focused approach.