Lead-to-Lease Conversion

Lead-to-lease conversion measures the share of rental leads that become signed leases, helping multifamily teams assess leasing funnel performance.

Definition

Lead-to-lease conversion is the percentage of rental leads that become signed leases. It tracks the prospect journey from an initial inquiry, such as a web form, phone call, email, or walk-in, through lease signing. A common formula is: signed leases ÷ total leads × 100.

Example

A 250-unit community receives 200 leads in May and signs 20 leases from those leads. Its lead-to-lease conversion rate is 10%: 20 signed leases ÷ 200 leads × 100.

Why it matters

Lead-to-lease conversion helps operations leaders understand whether marketing spend and leasing team activity are producing signed leases. Tracking it by property, source, and funnel stage can reveal gaps such as slow response times, weak lead quality, tour no-shows, or application drop-off.