What term describes the time period between the end of a lease and the start of a new one?

The time period between the end of a lease and the start of a new one is best described as the vacancy period. This term specifically refers to the duration during which a rental property is unoccupied, indicating that there are no tenants in the unit and no rental income is being generated. This can occur if a lease ends and there is a gap before a new tenant moves in, which can happen for several reasons, such as the need for repairs, market conditions, or time taken to find a suitable new tenant.

Understanding this concept is important in property management and real estate forecasting, as prolonged vacancy periods can negatively impact cash flow and operational efficiency. Landlords typically strive to minimize vacancy periods to ensure steady income and maintain property value. Other terms like renewal period, transition period, and holdover period represent different scenarios in lease management, which do not specifically connote the unoccupied state of a property between leases.