Define "turnover" in apartment leasing.

Turnover in apartment leasing specifically refers to the process of preparing a unit for a new tenant after the previous tenant vacates. This process can include a variety of tasks such as cleaning, repairing, painting, and ensuring that all appliances and fixtures are in working order. The goal of turnover is to make the apartment attractive and ready for potential new tenants, which is crucial in attracting renters quickly and reducing downtime between occupancy.

Understanding turnover is vital for property management, as it directly affects the overall profitability and efficiency of leasing operations. Properly managing this process can significantly reduce vacancy rates, enhance tenant satisfaction, and improve the overall reputation of the property.

The other options, while related to leasing, do not accurately define turnover. The time it takes to lease a unit relates more to market dynamics and lease-up periods rather than the preparation process. Counting the number of tenants in a year refers to metrics of occupancy and tenant retention, while an increase in monthly rent pertains to market fluctuations rather than the specific process of preparing an apartment for new tenants.