Tour-to-Lease Conversion

Glossary

Tour-to-Lease Conversion

Tour-to-lease conversion measures how many completed apartment tours turn into signed leases, helping teams assess leasing performance.

Definition

Tour-to-lease conversion is the percentage of prospects who sign a lease after completing an in-person, virtual, or self-guided tour. It focuses on the post-tour part of the leasing funnel, rather than the full path from first inquiry to lease. A common way to calculate it is: signed leases from toured prospects ÷ completed tours × 100.

Example

Example: A 250-unit community completes 40 tours in May and signs 10 leases from those toured prospects. Its tour-to-lease conversion rate is 25%: 10 leases ÷ 40 completed tours.

Why It Matters?

Tour-to-lease conversion helps operations leaders understand whether tours are turning qualified interest into signed leases. A weak rate can point to issues with follow-up, pricing, unit presentation, tour quality, or prospect fit. Tracking it alongside lead-to-lease and application-to-lease metrics helps teams pinpoint where the leasing funnel is losing momentum.

‹ Tour-to-application rate

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