Property Management
What is 'turnover cost' in Rhode Island rental property management?
AThe cost to renovate a property for sale
BThe costs associated with preparing a rental unit for a new tenant after a vacancy, including cleaning, repairs, and re-leasing expenses✓ Correct
CThe commission paid when the property is sold
DThe cost of converting residential to commercial use
Explanation
Turnover costs are the expenses incurred when a tenant vacates and before the unit is re-rented—cleaning, painting, repairs, carpet replacement, marketing, and leasing commissions. High turnover is costly and reduces investment returns.
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