I'm attempting to approximate the variance within how quickly a given housing unit could be re-rented once the previous tenants vacate. Assuming notice is given, it is much more likely that it will be rented again in 0-2 months but there is a slim chance it will extend far longer. Does anyone know how I could discern whether a beta or gamma distribution (or some other option, maybe a standard distribution with skew?) could be better used to model this variance? How would I assess what degrees of freedom to use for the model in Excel?
Thanks!