If I were to guess, I would say that we probably have 8 move outs and 16 move ins per month on average....roughly one move in/out per workday....this varies considerably where I live as we are most volatile from April to June and Sept. to Nov....Winter is slower (in and out) as is mid summer (vacationers?)

Townhouses are likely to be a lot more price volatile if and when the real estate market ever softens up.   

Albuquerque tends to be a stable market with very little volatility and steadily gains value at about 3.5% per year, on average.

REITS can be more highly volatile where they have super strong years and really negative years for returns.An UPREIT is another tool in the toolbelt of investing.