Lease

Glossary

A lease is a written rental agreement that also drives leasing, move-in, renewal, occupancy, and performance reporting.

Definition

A lease is a written agreement between a property owner and a tenant that sets the rules for using a rental home for a specific period of time in exchange for rent. In multifamily operations, lease data is also used to track key milestones such as when a prospect signs, when a resident starts the lease, and whether a renewal is approved, signed, or started.

Example

A prospect tours an apartment on July 5, applies on July 7, signs a 12-month lease on July 10, and moves in on August 1. The operations team may count the signed lease for leasing conversion reporting, then count the lease as started once the resident moves in.

Why It Matters?

Lease data connects marketing, leasing, occupancy, renewals, and revenue reporting. Clear lease definitions help operations leaders compare performance across communities, forecast move-ins, manage renewal pipelines, and avoid double-counting the same lead or resident.

‹ Lead-to-tour conversion

Lease Addendum ›