Lead-to-lease conversion rate

Lead-to-lease conversion rate is the percentage of prospect inquiries that turn into signed leases. It is commonly calculated as signed leases ÷ total leads × 100. In multifamily operations, it helps show how effectively the leasing funnel moves people from first contact to lease execution.

A community receives 400 leads in May and signs 32 leases from those leads. Its lead-to-lease conversion rate is 8%: `32 ÷ 400 × 100 = 8%`.

This metric helps operations leaders evaluate leasing performance, marketing quality, and follow-up effectiveness across communities or sources. It is most useful when paired with related measures such as lead-to-tour, tour-to-lease, lease volume, and speed to lease, because relying on one conversion metric alone can hide bottlenecks or distort decisions.