Multifamily Leasing Velocity Calculator

Track full leasing funnel from traffic to applications to closed leases.

Weekly traffic / tours

Tour to app %

Approval rate %

Approval to lease %

Leases / week

7.6

Annualized leases

398

Traffic-to-lease %

0.2%

How the math works

Funnel: tours × tour-to-app × approval × approval-to-lease.

40 × 30% × 75% × 85% = 7.65 leases/week × 52 = 398/yr. Funnel conversion 19%.

How to Use

Enter weekly traffic / tours.
Enter tour to app %.
Enter approval rate %.
Enter approval to lease %.
Read leases / week.

Frequently Asked Questions

Leasing funnel benchmarks?

Tour-to-application: 35–50% Class A, 25–40% Class B, 20–35% Class C. Application-to-approval: 65–80%. Approval-to-lease: 75–90%. Net traffic-to-lease: 8–18% typical. Velocity: 3–8 leases/week stabilized property. Lease-up: 10–25 leases/week target rate. Underperforming: <3/week stabilized signals price too high, marketing weak, or product-market issue. Tools: Yardi RentCafe, RealPage, Entrata report funnel.

How does this support multifamily underwriting?

Multifamily acquisition and operations teams use this calculator alongside rent roll, T-12 P&L, expense ratio benchmarks, and comp set rents. Pair with a unit-level upside model and concession reconciliation. Sensitivity testing on rent growth, expense growth, and exit cap is essential — small changes compound on stabilized NOI and IRR.

Class A vs B vs C variance?

Class A: newer construction, premium amenities, higher rents but lower yield, lower expense ratio (~35–45%). Class B: 1990s–2000s build, value-add target, mid yield, expense ratio 40–50%. Class C: 1970s–1980s, deep value-add or workforce, higher yield but higher expense ratio (45–60%) and capex burden. Adjust assumptions to class.

When does this metric actually move the deal?

Single-line items rarely change a deal materially, but stacked operational improvements compound. A 3% rent increase + 1.5% expense reduction + 50 bps cap compression = 25–40% IRR uplift over 5 years. Use this calculator alongside others in the operations stack to identify the best 3–5 levers to focus on post-close.