Lead to lease

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.

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.

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.