What is the term for the period a property is unoccupied?

The term for the period a property is unoccupied is referred to as the vacancy rate. This metric indicates the proportion of all available units in a rental property that are unoccupied and could potentially be leased out. A high vacancy rate can signify that a property is not generating income during that time and can reflect issues such as pricing, market demand, or property condition. The vacancy rate is critical for property managers and landlords as it helps gauge the financial health and desirability of a rental property in the market.

Other terms available do not accurately define the unoccupied period. The occupancy rate, for example, measures how many units are filled compared to the total available, essentially focusing on the opposite of vacancy. Rental yield relates to the return on investment from rental properties, factoring in income minus expenses, while property turnover pertains to the process of tenants moving in and out, not specifically addressing the periods of vacancy.