Time is an expense
A $4,000 apartment costs roughly $131 per vacant day. Two additional weeks can outweigh a seemingly lower fee.
Rental Vacancy Cost Calculator
A vacant apartment has a daily carrying cost. Compare the cost of waiting with the cost of getting it leased.
Vacancy cost + placement cost = total leasing cost
Part of the Landlord Operations Hub
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Correct the highlighted assumptions to calculate your comparison.
New York City context
The post-FARE calculation
New York City’s FARE Act affects when a tenant can be required to pay a broker engaged by someone else. For landlords, the practical comparison is broader: fee structure, time to lease, marketing spend, screening work, and the rent lost while the unit is empty.
Read Botway’s FARE Act guide →Model the whole lease-up, not just the placement fee.
Use realistic scenarios
Start with the same baseline vacancy, then add or subtract days only when you have a reason to expect one path will lease faster or slower.
Concessions change the math
Free rent and other concessions are another placement cost. Add their value to an appropriate direct-cost field when comparing scenarios.
Your time has a value
Include only the hours and hourly value that make sense for you. Leaving both at zero keeps owner time out of the comparison.
Small timing gaps matter
The break-even result shows how much longer DIY can take before the total cost equals each professional option.
What this cannot predict
Demand, tenant decisions, property condition, pricing, and execution can change actual lease-up timing and costs.
This calculator is for educational and planning purposes. Results depend on user-provided assumptions, and actual vacancy, timing, costs, rents, and fees may differ. Results are not a guarantee of performance. Botway does not provide legal, tax, accounting, or investment advice.
Rental vacancy cost, explained.
How much does a vacant apartment cost per day?
Divide monthly asking rent by 365.25 ÷ 12. For example, a $4,000 monthly rent is about $131 per vacant day. The live calculator uses your own rent.
How much does a vacant apartment cost per month in NYC?
One full vacant month costs approximately one month of asking rent before carrying expenses. The calculation is the same in NYC, although the underlying rent and other costs vary by property.
How do I calculate the cost of rental vacancy?
Multiply estimated vacant days by daily rent, calculated using an average month of 365.25 ÷ 12 days. Then add placement fees, marketing, screening, administration, and the value of owner time.
Is it cheaper to lease an apartment myself?
It can be, but only if DIY direct expenses, owner time, and any additional vacancy remain below the professional placement cost. The break-even section tests that threshold using your assumptions.
How many vacant days equal one month’s rent?
Using the calculator’s convention, one month equals 365.25 ÷ 12, or about 30.44 days.
Does the FARE Act mean landlords pay all broker fees?
Not necessarily. In NYC, the party that hires a broker is generally responsible for that broker’s fee under the FARE Act. A renter who independently hires an agent may have a separate arrangement. Confirm current obligations with qualified counsel.
What costs should landlords include besides the leasing fee?
Include vacancy, concessions, advertising, photography, screening, administrative expenses, and the value of time spent responding, showing, reviewing applications, and coordinating the lease.
Does Botway guarantee that an apartment will rent faster?
No. The calculator defaults all professional paths to the same additional vacancy assumption of zero. Timing is editable, and no result guarantees leasing speed or performance.
Are the calculator results a quote?
No. Results are educational estimates based on user-provided assumptions, not a quote, valuation, guarantee, or legal, tax, accounting, or investment advice.
Can I change the vacancy and fee assumptions?
Yes. Baseline vacancy, path-specific timing, fee type, fee amount, DIY expenses, and owner time are editable. Switching days and months preserves the underlying vacancy period.
Turn dates into one turnover countdown.
Use Botway’s free Turnover Countdown Planner to organize renewal, marketing, possession, inspection, deposit, and new-tenancy milestones in one private device-only plan.
Open the Turnover Planner →What this covers
- What it answers
- Compare vacancy and leasing-path costs using editable assumptions.
- Who it is for
- Landlords and owners of rental property.
- What it does not cover
- Legal, tax, and accounting advice. The result is an estimate for illustration.