Days on Market

Glossary

Days on Market measures how long vacant rental units stay available before leasing, helping multifamily teams manage occupancy and vacancy loss.

Definition

Days on Market is the number of days a rental unit remains vacant and available before it is leased. In multifamily operations, it is often tracked as an average across leased units for a property or portfolio. Teams should define the start and end points consistently, such as from listing live to lease signed, so results are comparable across sites.

Example

A 250-unit community leases 10 vacant apartments in June. If those apartments were available for a combined 320 days before lease signing, the community's average Days on Market for June is 32 days.

Why It Matters?

Days on Market helps operations leaders spot leasing friction, pricing issues, weak demand, or unit types that sit vacant longer than expected. Longer market time can increase vacancy loss and reduce property revenue, so tracking it by floor plan, property, and portfolio supports better pricing, marketing, and leasing decisions.

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