Look And Lease Discount Calculator

Look-and-lease offers incentive for applicants who commit on first tour — reduces sales cycle.

Asking rent

L&L discount

Monthly tours

L&L take rate %

Days saved / unit

Daily rent equiv

Net monthly value

$2,875

Vacancy savings

$9,125

Discount cost

$6,250

How the math works

L&L apps = tours × take rate. Net = apps × days saved × daily − apps × discount.

100 × 25% = 25 apps × 5 × $73 = $9,125 savings − 25 × $250 = $6,250 cost = $2,875 net.

How to Use

Enter asking rent.
Enter discount $ if same-day application.
Enter % applicants using look-and-lease.
Enter days saved on average.
Enter daily rent.
Read net value.

Frequently Asked Questions

Look-and-lease mechanics?

Applicant tours property AND submits application on same day = discount. Typical discount: $100-500 off first month, or reduced deposit, or waived fee. Designed to capture on-the-fence applicants before they shop competition. Compresses sales cycle from 5-14 days (typical inquiry-to-application) to 0-1 day. Strong tool in competitive markets where every hour matters.

Effectiveness?

Typical take rate: 15-35% of tourists apply same-day with discount. Without look-and-lease: 8-20% apply same-day. Net lift: 7-15 percentage points more same-day apps. Accelerated time-to-lease: 3-7 days faster average. On 30-day base: 10-20% velocity improvement. Best for lease-up or soft market; less effective when organic demand strong.

Cost analysis?

Discount $250 × 8 same-day apps/month = $2,000 discount cost. Vacancy days saved: 8 × 5 days = 40 days × $73 daily rent = $2,920 vacancy savings. Net positive $920/month. In lease-up: compound effect 10-20 units/month faster = major velocity impact. Soft market diagnostic: high look-and-lease = leads lukewarm; low = strong demand.

Overlay with concession?

Common overlay: '1 month free + $250 look-and-lease bonus if applied on tour' = $2,650 value on $28,800 annual rent (9.2% effective). Tiered: no concession + $500 L&L (gentle); 0.5 mo + $250 L&L (moderate); 1 mo + $250 L&L (lease-up); 1.5 mo + $500 L&L (stressed). Calibrate to market temperature.