In Belgium

The vacancy rate measures the proportion of time a rental property (or portfolio) is unoccupied. It is the inverse of the occupancy rate and directly impacts the net yield.

Formula: Vacancy rate = (Unoccupied months / Total months) x 100

Belgian benchmarks:

  • Under 3%: excellent — strong demand, well-located property
  • 3-5%: good — normal tenant turnover
  • 5-10%: concerning — consider pricing or property improvements
  • Above 10%: problematic — structural issue (location, condition, pricing)
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Good to know
For a portfolio of multiple properties, the vacancy rate is calculated across all units. A 4-unit building with 1 unit vacant for 2 months has a vacancy rate of (2 / 48) x 100 = 4.2% — well within acceptable limits.

Practical example

Marc owns 3 apartments. Over the year: Apartment A was occupied 12/12 months, Apartment B was occupied 11/12 months, Apartment C was occupied 10/12 months. Portfolio vacancy rate: (0 + 1 + 2) / 36 x 100 = 8.3%. He investigates Apartment C and discovers the rent is 10% above market rate — he adjusts it and reduces future vacancy.