[dd36]

The issue with turns is turn cost plus lost income. For anyone without multiple properties, the cost of a turn is usually significantly more than they would recover with a high turn rate but increased rents. This is why institutional investors push rents aggressively but mom and pops don't. To a mom and pop, a long term renter is valuable. As where a large investor isn't concerned about cash flow issues from turns because they can spread it over many units. Look at the public REITs, some have near 40% turn rates, which is insane. But that's what you get when you ask for a 5% rent increase every year. As where the mom and pop is just happy that you renewed and they don't have to worry about a cash pinch.

[pilingual]

Your comment and x0x0’s are informative, thanks!

I guess I’m just optimistic that there is a solution which won’t require such high cost of placement fees, in addition to other costs. It seems hard to argue that the current PM system is efficient. Maybe it’s just the case that there are good PMs and bad ones.

[dd36]

The companies I worked with never paid placement fees. You don't really need incentives when housing supply is tight.