A vacant rental costs you its daily rent, roughly the monthly rent times 12 divided by 365, plus every bill that keeps coming: the mortgage, real estate tax, insurance, utilities, and upkeep. At $1,600 a month, each empty day is about $53 in rent you didn’t collect, before you pay a single bill. And in Virginia, a unit left empty for more than 30 days can also lose part of its insurance coverage.
I’m Joe. My family runs We Buy Homes In Richmond, and I’ve been in local real estate since 2010. Most landlords I talk with know vacancy hurts, but few have ever put a daily number on it. Here’s a simple way to do that, with Richmond-area figures you can plug in.
Vacancy cost formula
(Daily rent × days empty) + (monthly carrying costs × months empty) + turnover costs = what the vacancy cost you.
How to calculate the cost of a vacant rental
Lost rent per day
Take the monthly rent, multiply by 12, and divide by 365. For a $1,600 house: $1,600 × 12 = $19,200 a year, and $19,200 ÷ 365 = about $52.60 a day. A 45-day gap between tenants is roughly $2,370 in missed rent on that house.
Carrying costs that don’t stop
An empty house still has bills. Make a list from your own statements:
- Mortgage payment, if you have one
- Real estate tax
- Landlord or dwelling insurance
- Utilities the tenant used to pay, now in your name
- Lawn care in summer and snow clearing in winter
- HOA dues, if any
Turnover costs
Then add what it takes to get the unit rented again: cleaning, paint, repairs, the time it sits listed, and screening applicants. These vary too much by house to give a fair average, so use your own invoices from the last turnover.
Richmond-area numbers to plug in
Real estate tax by locality
Here’s an example vacancy table for a house assessed at $250,000. Treat it as an illustration and use your own numbers.
| Item | Example | Per month |
|---|---|---|
| Lost rent | $1,600 rent | $1,600 (about $52.60/day) |
| Real estate tax, City of Richmond ($1.20 per $100) | $3,000/yr | About $250 |
| Real estate tax, Chesterfield ($0.89 per $100) | $2,225/yr | About $185 |
| Real estate tax, Henrico ($0.83 per $100) | $2,075/yr | About $173 |
| Mortgage, insurance, utilities, upkeep | Your bills | Your bills |
In the city, tax is due in two halves, January 14 and June 14, with a 10% penalty plus interest if you’re late. An empty month doesn’t pause that.
How common vacancy is
The Census Bureau’s Housing Vacancy Survey estimated the Richmond metro rental vacancy rate at 7.0% in the first quarter of 2026 (margin of error ±4.7 points) and 6.2% in the second quarter (±5.1). Margins that wide mean the true rate could be a good bit higher or lower, so use it as a rough sense of the market, not a benchmark for your house.
Insurance: what changes when a rental sits empty in Virginia
Vacant (Virginia dwelling policies): not occupied as a residence for more than 30 consecutive days, with most personal property removed. A home under renovation isn’t vacant.
That definition comes from the State Corporation Commission’s dwelling-policy rules, 14VAC5-341-30. The next section, 14VAC5-341-60, lists what an insurer may leave out:
| Term | Trigger | What may be excluded |
|---|---|---|
| Vacant | More than 30 consecutive days, most belongings removed | Vandalism, malicious mischief, burglary, glass breakage |
| Vacant or unoccupied | More than 4 consecutive days | Freezing damage, unless you kept the heat on or drained the systems and shut off the water |
If a covered loss follows one of those excluded events, the covered part generally stays covered. The details live in your own policy, so read it and call your agent before a unit sits empty, not after.
Winter checklist for an empty rental:
- Keep the heat on at a steady setting, or have the plumbing drained and the water shut off.
- Check the house in person on a schedule, and keep a dated log with photos.
- Tell your insurance agent the dates it’s empty.
When a vacant rental becomes a city issue (City of Richmond)
The City of Richmond has a vacant building registry, but it doesn’t cover every empty house. It applies to buildings vacant for more than 12 months that also meet the state definition of a “derelict building” (Va. Code §15.2-907.1, with registration allowed by §15.2-1127). Registration is $100. Not registering brings a $200 penalty, or $250 in conservation, redevelopment, or blighted areas. The city is clear that being vacant isn’t a violation by itself.
How to cut vacancy time
- Price to the market. A rent set a little high can cost more in empty weeks than it earns. Here’s how to set the right rent for a Richmond-area house.
- Screen well, without dragging it out. A clear, consistent process lets you say yes quickly to a good applicant. See our guide to tenant screening in Virginia.
- Get ahead of move-out. Line up cleaning and small repairs before the keys come back.
- Renew good tenants early. Keeping a tenant who pays on time avoids the gap entirely. Staying on top of landlord repair duties in Virginia helps too.
When selling beats waiting for the next tenant
Sometimes the honest math says the house costs more to keep than it earns. Put a few more months of vacancy, carrying costs, and make-ready work next to what you’d net from selling as-is now, and see which column wins.
If selling comes out ahead, we buy rental houses around Richmond, Chesterfield, Henrico, and nearby, as-is and pay cash. You won’t pay commissions or fees, I cover closing costs, and closing takes about a week or happens whenever suits you. Fill out our short offer form, or call us at (804) 293-0208 between 7 AM and 7 PM, and you’ll hear back from me within 3 hours.
Frequently asked questions
How much does a vacant rental property cost per day?
Start with lost rent: monthly rent × 12 ÷ 365. For a $1,600 rental that’s about $53 a day. Then add your daily share of the mortgage, real estate tax, insurance, utilities, and upkeep, which keep running while the unit sits empty.
What is the rental vacancy rate in Richmond, VA?
The Census Bureau estimated the Richmond metro rental vacancy rate at 7.0% in the first quarter of 2026 and 6.2% in the second. These survey estimates carry wide margins of error, so treat them as a rough guide.
Does landlord insurance cover a vacant rental in Virginia?
Not always fully. Under Virginia’s dwelling-policy rules, insurers may exclude vandalism, malicious mischief, burglary, and glass breakage once a dwelling is vacant, meaning unoccupied for more than 30 days with most belongings removed. Check your policy and tell your agent before the unit sits empty.
How do I protect an empty rental from frozen pipes?
Keep the heat on, or drain the systems and shut off the water. Virginia rules let insurers exclude freeze damage when a dwelling has been vacant or unoccupied for more than 4 days unless you did one of those things.
Do I have to register a vacant house in Richmond?
Only in some cases. The City of Richmond requires registration for buildings vacant more than 12 months that meet the state “derelict building” definition, with a $100 fee and penalties for skipping it. Being vacant by itself isn’t a violation.
Should I lower the rent or wait for a tenant who pays more?
Compare the math. Each empty month costs a full month’s rent plus carrying costs, so a small rent cut that fills the unit sooner can come out ahead. Run your own numbers with the formula above.
This article is general information, not legal, tax, or insurance advice. Check your own policy and local rules.