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🏢 Proptech

Unit Economics for Proptech

The gap between physical and economic occupancy ("full" units vs. rent actually collected) is, in practice, unit economics applied to real estate.

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Metrics and LATAM benchmarks — Proptech

Portfolio Units

StatusRange
Healthy> 30 units with occupancy > 90%
Alert10–30 units (minimum scale)
Critical< 10 units (fixed costs not amortized)

Monthly Rent per Unit

StatusRange
HealthyRent/Asset value > 0.6% monthly (> 7% annual yield)
Alert0.4–0.6% monthly
Critical< 0.4% monthly (expensive asset or low rent)

Physical Occupancy — % of units with a tenant

StatusRange
Healthy> 93% physical occupancy
Alert85–93%
Critical< 85% (structural vacancy)

Collection Rate — % of rents actually collected

StatusRange
Healthy> 95% monthly collection
Alert90–95%
Critical< 90% (high portfolio risk)

Monthly OpEx — Portfolio Operating Expenses

StatusRange
HealthyOpEx < 35% of effective revenue
Alert35–50% of revenue
Critical> 50% of revenue (very compressed NOI)

Portfolio Value — Total asset valuation

StatusRange
HealthyCap Rate > 7% (secondary cities)
AlertCap Rate 5–7% (prime cities)
CriticalCap Rate < 5% (overvalued assets or low NOI)

Tenant CAC — Cost to acquire each tenant

StatusRange
Healthy< 1 month rent in acquisition cost
Alert1–2 months rent
Critical> 2 months rent in acquisition

Tenant Turnover — % who do not renew their lease

StatusRange
Healthy< 20% annual (tenants renew for an average of 5 years)
Alert20–40% annual
Critical> 40% annual (structurally high turnover)

Other verticals: 💻 SaaS · 💳 Fintech · 🛒 E-commerce · 🎓 Edtech