When there is no tenant occupying an apartment, the apartment owner or landlord is said to have a vacancy. For apartment landlords, each vacancy represents a loss of income from rent-paying tenants for the time the apartment is vacant (i.e., unoccupied). Landlords' objectives are often to minimize the vacancy rate for their units. The owner of the apartment, typically when transferring possession to the occupant, gives him/her the key to the apartment entrance and any other keys needed, such as a common key to the building or any other common areas and a mailbox key. When the occupant(s) move out, these keys are typically returned to the owner.
SOURCE :
http://en.wikipedia.org/wiki/Apartment
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