Turnover/Make Ready Unit Costs

[David Elerman]

I've noticed that many developers/operators who are syndicating their deals and brokers (yes, their numbers are always "optimistic") who put out that their OMs for properties they're offering have ATC/Turnover costs about 300 a unit? This is for MF properties in the 75-120 unit range.

Sounds very low to me...I'd say if you need to repaint and redo carpeting you're at least $800 in when doing it through a property manager. Granted, not every unit will be turned every year and there are renewals (hopefully...) but that number still seems low.

Am I missing something?