What type of costs are associated with vacancies in properties?

Vacancies in properties lead to costs that stem primarily from income lost due to the absence of renters or occupants. When a property is unoccupied, it does not generate rental income, which directly affects the cash flow associated with that property. This income loss is a significant financial setback for property owners or real estate investors, as they must still cover fixed costs such as property taxes, mortgage payments, and maintenance expenses even when the property is not generating revenue.

In contrast, the other options represent expenses or variables that do not capture the primary financial impact of vacancies. For example, repairs and maintenance expenses can occur regardless of whether the property is occupied, often related to upkeep rather than vacancy itself. Legal fees from voidable contract disputes are specific to certain situations and do not universally apply to all vacancies. The variability of property value can be influenced by many factors beyond vacancy, including market conditions and property improvements. Therefore, the most direct and significant cost associated with vacancies is indeed the income lost due to the lack of tenants.