Lead To Lease Conversion Calculator

Full leasing funnel conversion shows where leads are lost between inquiry and signed lease.

Monthly inquiries

Inquiry → tour %

Tour → application %

Application → sign %

Monthly marketing spend

Cost per signed lease

$412

Monthly signed leases

19.4

End-to-end conversion

0.11%

How the math works

End-to-end = inquiry→tour × tour→app × app→sign.

40% × 45% × 60% = 10.8%. 180 × 10.8% = 19.4 leases. $8k / 19.4 = $412/lease.

How to Use

Enter monthly inquiries.
Enter inquiry → tour %.
Enter tour → application %.
Enter application → sign %.
Enter marketing spend.
Read cost per lease.

Frequently Asked Questions

Full funnel benchmark?

Inquiry → tour: 30-55%. Tour → application: 35-65%. Application → signed lease: 50-80%. End-to-end: 4-12%. 100 inquiries → 4-12 signed leases typical. Strong markets and qualified lead sources: 8-15%. Unqualified leads / soft markets: 2-5%. Tracking every step critical for diagnosing funnel weakness.

Lead source quality?

ILS (Zillow, Apartments.com, Zumper): 5-10% end-to-end. Direct website / organic: 8-15%. Google Ads (targeted keywords): 6-12%. Social media: 3-8% (lower intent). Referrals: 15-30% (highest quality). Walk-ins: 20-35%. Broker: 40-60% (pre-qualified). Track per source for optimal marketing allocation. Cut underperforming sources from budget.

Cost per lease by channel?

ILS subscription: $300-600/property/month × 2-5 leases = $60-300/lease. Google Ads: $40-150 CPC × 15-25 clicks/lease = $600-3,750/lease. Facebook/Instagram ads: $10-40 CPC × 20-40 clicks/lease = $200-1,600/lease. Referrals: $200-500 bonus. Organic/website: $50-200 (SEO amortized). Broker: 50-100% first month rent = $1,200-3,500. Overall average: $300-1,200 per signed lease.

Conversion improvements?

(1) Speed of response (first response within 1 hr doubles conversion). (2) Virtual tours (increase tour → app conversion 15-30%). (3) Mobile-optimized website (45%+ traffic mobile). (4) Online application capability (vs paper). (5) Same-day approval process. (6) Self-guided tour lockboxes (off-hours). (7) Lead nurture email sequences (7-14 day follow-up). (8) Move-in specials for stuck leads. (9) Competitive amenities vs market.