A long-term resident moves out of apartment #35 on the last day of May because they are unhappy with their neighbor, and later a new resident takes possession on June 16. You begin to wonder what the total economic cost of the vacancy was. The rent on the apartment is $650. Painting labor cost you $250, and you had to purchase 3.5 gallons of paint at $12 per gallon. The cleaner cost $85, and the carpet cleaner charged you $75. You ran an ad in the Oregonian for $350 to get the apartment rented. In order to convince the resident to sign a lease, you had to give him a 1/2-month rent-free lease concession (assume a 30 day month).

Question

A long-term resident moves out of apartment #35 on the last day of May because they are unhappy with their neighbor, and later a new resident takes possession on June 16.  You begin to wonder what the total economic cost of the vacancy was.  The rent on the apartment is $650.  Painting labor cost you $250, and you had to purchase 3.5 gallons of paint at $12 per gallon.  The cleaner cost $85, and the carpet cleaner charged you $75.  You ran an ad in the Oregonian for $350 to get the apartment rented.  In order to convince the resident to sign a lease, you had to give him a 1/2-month rent-free lease concession (assume a 30 day month).

esther · Answer

rent is 650, new resident will move in June 16, however, in order to convince him to move in you had to give him 1/2-month rent free assumed a 30 day month.

I divide 650/30 and i get =21.666666667 x 16= 346.66666667, but I's not coming out right. Can you please help me. THANK YOU!!