Total Turn Cost/Unit (LIHTC & Market)

We’re in the process of refining how we track and forecast unit turns across a multifamily portfolio that includes both LIHTC and market rate assets. One of the biggest questions we’re facing is: How do you get truly comfortable with the total cost to turn a unit?

Some things we’re evaluating:

Above vs. below the line treatment: Paint, cleaning, and basic repairs typically flow through OpEx, but bigger items like flooring or appliances may get capitalized. But there’s no consistent standard across assets.

Unit-level tracking: Are you pulling turn data from your work order system, GL coding, or a separate tracker? And how tightly are you tying costs back to the specific unit?

KPI integration: Do you include total turn cost in leasing performance (cost per lease, ROI on turn investment, etc.)?

We’re seeing wide variability depending on vintage, resident profile, and scope, especially between LIHTC vs. unrestricted units. But without a consistent way to tag and roll up those expenses, it’s tough to draw conclusions or push for accountability.

Would love to hear how other operators are approaching this — especially in mixed portfolios. What frameworks, coding strategies, or benchmarks have helped you lock in your average cost per turn?