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Vacancy-to-NOI Calculator

Enter your property’s current numbers to see its current NOI and property value, then add Modern Solution to see the difference. It runs in your browser. Nothing you enter is sent or saved unless you choose to email yourself the results.

Estimates for illustration, not a promise of results.

Inputs

example
example
example
example. The average across your new leases, from 0 to 4. Use 0 if you are not offering concessions.
46.8% is the National Apartment Association’s average turnover rate (NAA, Apartment Turnover, 2025; from its 2019 operating survey). Replace it with your property’s own rate if you have it.
example assumption. Your total operating costs per unit per year, before debt service. Replace it with your property’s own figure.
example assumption, adjust for your property

Your current numbers

Current Monthly NOI—
Current Annual NOI—
Current Property Valuation Est. (at your cap rate)—

Estimates for illustration, not a promise of results.

We'll email your results and a Modern Solution specialist will follow up.

How this is calculated
  1. Gross potential rent (GPR) = units × average monthly rent × 12.
  2. Vacancy loss = GPR × current vacancy (%) ÷ 100.
  3. Annual turns = units × annual turnover (%) ÷ 100.
  4. Concession cost = annual turns × current free months per new lease × average monthly rent. For example, 0.5 months at $1,800 rent = $900 per new lease.
  5. Operating expenses = units × operating expenses per unit per year.
  6. Current Annual NOI = GPR × (1 − current vacancy ÷ 100) − concession cost − operating expenses.
  7. Current Monthly NOI = Current Annual NOI ÷ 12.
  8. Current Property Valuation Est. (at your cap rate) = Current Annual NOI ÷ cap rate. If the cap rate is 0, blank, negative or not a number, the property value figures are not shown.
  9. With Modern Solution uses the same steps with vacancy at 0% and concession cost at $0. Operating expenses do not change. Total Annual NOI = GPR − operating expenses. Total Monthly NOI = Total Annual NOI ÷ 12. New Total Property Value = Total Annual NOI ÷ cap rate.
  10. Added Monthly NOI, Added Annual NOI and Added Property Value = the total minus the current figure, in whole dollars, so each added amount equals the total shown minus the current shown.

Units, rent, vacancy, free months, operating expenses and cap rate start as examples or assumptions; replace them with your property’s own figures. The 46.8% turnover figure is from the NAA source above. Negative or missing entries are treated as 0, free months are limited to 0 to 4, and percentages are capped at 100.