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Make-Ready Costs: What to Budget Per Unit and Per Deal

October 31, 2026

Make-Ready Costs: What to Budget Per Unit and Per Deal

Technician patching a wall during apartment turnover

Make-ready costs are what you spend to turn a vacant unit into one a new tenant can move into: cleaning, paint, minor repairs, fixture and appliance checks, and a final inspection. One published benchmark puts a standard apartment turn at $3,000 to $5,000 per unit, and single-family turns in the Dallas-Fort Worth area at $1,500 to $6,500 or more. The cash you spend is only part of the bill. Vacant days cost you rent too, and that is the line most investors leave out.

This guide shows what a make-ready includes, the ranges for light and heavy turns, what pushes the number up, and how to put it into your cash flow, ARV and maximum allowable offer math.

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TL;DR

  • A make-ready restores a unit to clean, safe, working condition. Light turns run roughly $1,500 to $3,000, and heavy turns with flooring and appliances can reach $8,000 to $12,000 or more.
  • Flooring and paint are the biggest swing lines. Scope, deferred maintenance and the number of trades involved decide the rest.
  • Count lost rent during vacancy as a make-ready cost, along with marketing and leasing expenses.
  • Budget line by line, then add 10% for surprises.
  • Run the total through a cash flow or MAO calculation before you commit to a deal.

Table of Contents

What make-ready means for a rental property

Make-ready is the work between one tenant moving out and the next moving in. It covers cleaning, patching, painting, replacing worn fixtures, updating or repairing appliances, and a final inspection.

The usual sequence, as laid out in one multifamily turn guide, is inspection, repairs, paint, flooring, final clean, and a punch walk with quality-control sign-off. The order matters. Paint goes before flooring so drips don’t land on new carpet, and the clean goes last so dust from the other trades doesn’t undo it.

A useful analogy: ARV is the price of the finished meal, and make-ready is the cost of the ingredients and the kitchen time. If you underprice the ingredients, the margin on the meal disappears.

What is usually included

A standard turn typically covers, according to one property services provider:

  • Routine turnover cleaning
  • Cosmetic paint touch-ups
  • Hardware and fixture checks
  • HVAC filter replacement
  • Appliance testing
  • Minor repairs such as drywall patching and re-caulking

Bigger items, like replacing flooring or an appliance, are usually priced separately. Ask any vendor what is in the base price before you compare quotes.

Make-ready vs. rent-ready

The two terms are often mixed up. A make-ready brings a unit back to clean, safe, working condition. A rent-ready turn adds targeted upgrades to compete for higher rent. One Florida property manager notes that safety, code and habitability work belongs in every turnover, whichever approach you take.

For budgeting, keep them as two separate lines. Make-ready is the cost of keeping the unit rentable. Upgrades are an investment you should only make if the added rent justifies them.

What make-ready costs run in 2026

The published ranges below come from service-provider benchmarks, so treat them as starting points and replace them with local quotes.

Turn type What it covers Typical range
Light turn (apartment) Touch-up paint, basic cleaning, minor repairs $1,500–$3,000
Standard turn (apartment) Full make-ready scope $3,000–$5,000
Heavy turn (apartment) Flooring replacement, appliance work $8,000–$12,000+
Single-family, light (DFW) Cleaning, paint touch-up, small fixes $1,500–$2,500
Single-family, heavy (DFW) Multiple trades, larger scope $4,500–$6,500+

The same apartment benchmark reports an industry average of $3,976 per move-out. If you own a small portfolio, that average is a sensible placeholder for a unit you haven’t seen yet. Once you walk the unit, switch to a line-item budget.

Costs that are easy to forget

Direct labor and materials are only the start. A complete turn budget also includes:

  • Lost rent while the unit sits empty
  • Marketing and leasing costs, such as photos, listings and showing time
  • Lease concessions you offer to fill the unit faster

The benchmark source above lists all of these under make-ready costs. The dollars you hand to contractors are often the smaller share.

What drives make-ready costs up or down

The DFW cost guide says costs rise with property size, deferred maintenance, premium material choices and work that needs several trades. Each one is something you can check before you buy or before the tenant leaves.

Flooring

Flooring is the biggest swing line. The benchmark puts installed carpet at $3 to $11 per square foot, and luxury vinyl plank at $4 to $11. On a 900-square-foot unit, replacing all the carpet could land anywhere from $2,700 to $9,900 by simple multiplication. That one decision can move you from a light turn to a heavy one.

Installed carpet and vinyl flooring cost ranges

Before replacing, ask whether a deep clean, a patch or a single-room replacement does the job. Replace only what a new tenant would reasonably refuse to live with.

Paint

Paint is the second big variable. Touch-up only runs $150 to $400, while a full repaint of a 900-square-foot unit runs $1,800 to $5,400. Walls with few scuffs and a neutral color usually need touch-ups. Dark accent colors, smoke or water stains push you toward a full repaint.

Cabinets are a related decision. If the boxes are sound and only the finish is tired, refinishing can beat replacement, and this walkthrough on whether to paint or replace cabinets covers the trade-offs in a small kitchen.

Condition and trade count

A unit that needs a handyman and a cleaner is cheap to coordinate. A standard 2-bedroom, 1-bath turn may need a handyman, painter, plumber, flooring crew and cleaning crew, and each added trade adds scheduling time and margin. The same template puts a standard turn at 7 to 10 days, which is a planning estimate rather than a guarantee.

Capital improvements vs. repairs

For tax purposes, the label matters. The IRS says that expenses which improve a rental property by bettering it, restoring it or adapting it to a new use must be capitalized. Routine cleaning and patching are generally treated differently from a full renovation. Ask your CPA how your turn work should be classified before you file.

How to estimate make-ready costs, step by step

Here is a process that works for a rental turn and adapts to flips and wholesale deals.

  1. Walk the unit and photograph everything. Check walls, floors, appliances, plumbing fixtures, doors, locks, blinds, smoke detectors and HVAC filters.
  2. Write a punch list. One line per task, grouped by trade.
  3. Price each line with local numbers. Use quotes, not national averages, wherever you can.
  4. Add 10% for unforeseen items. Both the benchmark source and the turnover template use this cushion.
  5. Estimate vacant days. Multiply by daily rent.
  6. Add marketing and leasing costs plus any concession you plan to offer.
  7. Sum it all and compare it to the rent you expect.

A worked example

Say you own a three-bedroom single-family rental that rents for $2,200 a month. The tenant leaves. Your walk-through finds scuffed walls, a worn carpet in one bedroom and a failed dishwasher.

Line Estimate
Deep clean $350
Paint touch-up $300
One bedroom carpet replaced (about 150 sq ft at $5) $750
Dishwasher swap, installed $650
Small fixes (blinds, locks, caulk) $350
Subtotal $2,400
10% contingency $240
Make-ready budget $2,640

These line prices are illustrative placeholders for the math, not quotes. Now add the vacancy. A month empty at $2,200 is $2,200 in lost rent, in line with the one-month vacancy figure of over $2,100 at similar rent. The true cost of this turn is closer to $4,840 before leasing costs, nearly double the contractor bill.

That is why speed matters as much as price.

A worked example

Vacancy time is part of the cost

Turnover is common. The 2019 NAA survey reported an average apartment turnover rate of 46.8%, so nearly half of units turn in a given year. Rental apartments took 46 days on average to rent in the first quarter of 2024, up from 43 days a year earlier. Every day of make-ready work sits on top of that marketing period.

Three habits shorten the gap:

  • Pre-lease during the notice period so a new tenant is waiting.
  • Schedule trades before move-out, so work begins the day after keys come back. This advice is aimed at reducing vacant time and lost rent.
  • Close the gap between move-out and first touch. One turn guide argues the goal is not to cut steps but to remove coordination delays, so a 10-day turn becomes a 5-day turn.

A structured sign-off also protects quality. A project closeout checklist is a good model for the final punch walk: list every item, assign an owner and don’t release the unit until each one is checked.

How make-ready affects cash flow, ARV and MAO

Rental cash flow

Make-ready is a recurring expense, not a one-time event. Spread your average turn cost across the months a tenant typically stays and include it in your reserves next to vacancy and capital expenditures. If a $3,976 turn happens every three years, that is roughly $110 a month. Our rental property calculator lets you add vacancy and reserve assumptions to see the effect on cash flow and cap rate, and our guide to analyzing a rental property walks through the logic. For reserves by component, see our post on component CapEx reserves.

Repairs also affect value. Rising repair costs can lower net operating income and impact property value, since value is based on historical NOI. On a larger rental, a sloppy turn budget flows straight into what a buyer will pay.

Flips and wholesale deals

On a flip or wholesale deal, the scope is bigger than a turn, but the logic is the same. Your maximum allowable offer works backward from ARV: start with the after-repair value, subtract repair and make-ready costs, holding and selling costs, and your target profit. Many investors use a percentage-of-ARV rule of thumb, and every dollar you underestimate in repairs comes straight out of your profit. Our guide on how to estimate rehab costs covers the process in detail, and the comps analyzer helps you set a defensible ARV in the first place.

BRRRR

In a BRRRR deal, the make-ready or rehab number affects both how much cash you tie up and what the refinance can return. A low estimate can leave cash stuck in the deal. Model it in the BRRRR calculator with a contingency line before you buy, and read how the BRRRR method works if you’re new to it.

How to avoid underestimating make-ready costs

  • Inspect before you price. Photos and a punch list prevent the “we’ll see when we get there” budget.
  • Separate wear from damage. Normal wear is your cost. Tenant-caused damage may be chargeable, depending on your lease and state law. Dated photos, receipts and itemized punch lists help you defend security deposit deductions and give you a baseline for the next move-in.
  • Know your local code. In Florida, for example, landlords must comply with applicable building, housing and health codes. Safety work is never optional, so budget for it first.
  • Keep a contingency. Ten percent is the common starting point.
  • Track actuals. After each turn, compare the real cost with your budget. After three or four turns you will have your own numbers, which beat any national average.

Our perspective on make-ready budgeting

Most deal mistakes we see start with a number typed into a cell without a source. An investor guesses $2,000 for repairs because the last deal was $2,000, then discovers the floors, the dishwasher and a month of vacancy were never in the model.

We built the Toolkit around the idea that the estimate should be quick and still honest. That means starting from the same questions every time: what is the scope, what does it cost locally, how many days will it sit empty, and what does that do to cash flow or your offer? Our free calculators are designed so you can run those questions without creating an account, and our paid plan adds saved deal pipelines and unlimited reports for investors who are comparing many properties at once.

Our advice is simple. Budget the turn, budget the vacancy, add the cushion, and let the math tell you whether the deal still works. A good number you trust is worth more than a cheap number you hope for.

— Michael

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If you’re weighing a rental, flip or wholesale deal, start with our free tools. You can analyze cash flow, test an ARV and model a rehab budget without signing up. When you need unlimited reports, saved deal pipelines, advanced property data and AI deal insights in one place, the Real Estate Investor Toolkit plan is $39.99 per month. You can also start with the free tools.

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FAQ

What does make-ready mean in property maintenance?

It is the work done between tenants to bring a unit to clean, safe, working condition. That usually means cleaning, patching, paint, fixture and appliance checks, minor repairs and a final inspection.

How much does a make-ready cost per unit?

A light turn runs about $1,500 to $3,000, a standard apartment turn $3,000 to $5,000, and a heavy turn with flooring and appliance work $8,000 to $12,000 or more, according to a 2026 benchmark. Local labor rates and the unit’s condition move these numbers, so get quotes for your market.

Should vacancy count as a make-ready cost?

Yes. Lost rent is often as large as the repair bill. At $2,200 a month, a 30-day vacancy costs about $2,200 in rent, so add vacant days to every turn budget.

How much contingency should I add?

Start with 10% of the total for unforeseen items, as the benchmark source suggests for rental turns. If the unit is older or you haven’t inspected it in person, consider adding more.

Are make-ready costs tax deductible?

It depends on the work. The IRS says expenses that improve, restore or adapt rental property generally must be capitalized, while routine repairs are treated differently. Ask a CPA to classify your specific turn work.

Sources

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