In property management, what does "turnover" refer to?

Turnover in property management specifically refers to the process of preparing an apartment for a new resident after a current resident moves out. This involves a series of tasks including cleaning the unit, making necessary repairs, painting, and ensuring that all appliances and fixtures are in good working order before a new resident moves in. Properly managing turnover is crucial as it directly impacts the overall experience of new tenants and the financial performance of the property.

Understanding turnover is essential because it influences vacancy rates, operational costs, and ultimately, the profitability of a property. By managing turnover effectively, property managers can reduce downtime between tenancies and improve tenant satisfaction, which is vital for maintaining a stable rental income.

The other choices do not accurately define turnover. The frequency of rent increases relates to rent pricing strategies, contracts with management companies concern operational agreements rather than tenant movement, and the rate of tenant complaints pertains to tenant satisfaction and management performance.