Lead to lease
Lead to lease tracks how rental inquiries become signed leases, helping multifamily teams measure leasing funnel performance.
Definition
Lead to lease is a conversion metric that tracks how many prospective renters move from an initial inquiry to a signed lease. It looks across the leasing journey, including lead capture, follow-up, tours, applications, and lease signing. Teams often express it as a rate: signed leases divided by total leads.
Example
A community receives 400 leads in May and signs 40 leases from those leads. Its lead-to-lease conversion rate is 10%, which helps the regional manager compare performance across properties and identify where prospects are dropping off.
Why It Matters?
Lead to lease helps operations leaders understand whether marketing spend, leasing follow-up, tour activity, and application processes are turning demand into occupancy. Tracking it by source, community, or leasing stage can reveal bottlenecks such as slow response times, missed follow-up, or application drop-off.
