Units covered

Glossary

Units covered measures how many multifamily units are protected by active or future leases, helping teams track leasing momentum.

Definition

Units covered is a leasing metric that counts how many apartment units are covered by an active lease or a future lease. It is closely related to leased units or leased percentage, calculated as leased units divided by total units. Operations teams use it alongside physical occupancy because a unit can be vacant today but already covered by an approved future lease.

Example

A 200-unit property has 20 vacant units, 8 residents on notice, 10 vacant units already leased, and 5 notice units preleased. Using the leasing formula, units covered = 200 - 20 - 8 + 10 + 5 = 187 units covered, or 93.5% leased.

Why It Matters?

Units covered helps operations leaders see near-term occupancy risk before it appears in financial results. It separates today’s physical vacancy from future leasing commitments, making it useful for staffing, make-ready prioritization, renewal focus, and revenue forecasting.

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