What is the formula for figuring out "Turnover rate"?

*** Edit: Now that I know how to figure up my turnover rate, what is considered "good"?

I'm sure they taught me this in CAM lol, but help a brother out with some math...
What is the formula for figuring out "Turnover rate"?

Number of move outs for the year divided by total number of units

That's it?! LOL, thank you

Erik McKinster you usually need to annualize that number. Your annualized turnover is calculated by taking the total number of move outs through a specific month, divided by the number of months calculated, divided by number of units, multiplied by 12. So if you had 50 move outs through September on a 300 unit site, you’d take 50/9 = 5.6
5.6/300=.018
.018x12= .22 or 22% annualized turnover

? it’s been so long, I have forgotten. ?

I would think ResMan would just have that... but they don't LOL

A good turnover rate for a stabilized multifamily property typically ranges from 45% to 55% annually. This rate indicates a healthy balance between retaining existing tenants and attracting new ones, ensuring stable occupancy while allowing for rent adjustments and upgrades. Rates significantly lower may suggest missed opportunities for improvements and rent increases, while higher rates could indicate tenant dissatisfaction or operational challenges.