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Introduction: The Silent Profit Killer    Net operating income (NOI) is a simple equation—income minus expenses—yet one variable quietly erodes both sides: vacancy. A single 30-day gap on a $2,000 unit can wipe out more cash than a year’s worth of minor repairs. According to RealPage Analytics, the average multifamily unit now sits vacant 34.4 days between tenants, up from 30 days pre-pandemic [1]. Add rising concession levels—**13.4 %** of new leases included incentives in