Lead-to-lease rate

Lead-to-lease rate measures the share of renter leads that become signed leases, helping teams evaluate leasing funnel performance.

Definition

Lead-to-lease rate is the percentage of prospective renter leads that become signed leases. It is commonly calculated as signed leases ÷ total leads × 100 for a defined time period. Because teams may define “lead” differently, the metric is most useful when the lead definition and tracking rules are consistent.

Example

If a community receives 300 leads in May and 18 of those prospects sign leases, its lead-to-lease rate is 6%: `18 ÷ 300 × 100`.

Why it matters

Lead-to-lease rate helps operations leaders see how effectively marketing, leasing follow-up, tours, pricing, availability, and application processes turn demand into occupancy. Tracking it by property, source, unit type, or time period can reveal funnel gaps and guide staffing, marketing spend, and leasing process improvements.