The Top Marketing Metrics Every Property Manager Should Be Tracking (But Usually Isn’t)
You’re running ads, updating listings, posting on social, maybe even hosting events—but how do you know it’s working?
If your answer includes impressions, likes, or page views, there’s a problem.
In multifamily marketing, vanity metrics are everywhere. They might look good in a report, but they rarely tell you what actually drives occupancy. What you really need are performance metrics—numbers that reflect leasing velocity, cost-efficiency, and the actual return on your marketing investment.
Let’s walk through seven marketing KPIs every property manager should be tracking. These are the numbers that give you clarity, control, and confidence in your marketing strategy.
1. Cost Per Lead (CPL)
How much are you paying to get a single lead?
CPL is the foundation of marketing efficiency. It tells you how well your campaigns are driving inquiries—and whether you’re overpaying for underqualified traffic.
High CPLs may indicate:
- Poor targeting
- Low-performing creatives
- Mismatch between the platform and the audience
- Budget waste on low-intent sources
But don’t stop at the average. Break down CPL by platform and campaign type:
- Google Ads vs. Meta
- Brand vs. lease-up campaign
- Retargeting vs. cold audience
This lets you allocate budget to the best performers and cut spend where ROI is weak.
What’s a good CPL?
It depends on your market and rent levels, but in most cases, anything under $100 per lead is a strong starting benchmark.
2. Tour-to-Lease Conversion Rate
Are your tours actually turning into leases?
You can have a hundred tour bookings a month, but if only five sign, there’s a disconnect somewhere. This metric uncovers whether the issue lies with marketing or something happening after the lead arrives.
Track this as:
Number of leases ÷ Number of tours booked
Low conversion might be caused by:
- Poor tour experience (on-site or virtual)
- Misalignment between ad messaging and real unit availability
- Pricing or deposit friction
- Lack of follow-up
When you optimize this step, every lead becomes more valuable.
What’s a healthy benchmark?
A strong tour-to-lease rate is typically 25%–35% in stabilized markets, and lower in early lease-ups.
3. Lead Response Time
Speed is everything.
You might be doing everything right—ads are working, leads are flowing—but if your leasing team is slow to respond, you’re losing deals before they even start.
Studies show that prospects who get a follow-up within 5 minutes are 10x more likely to convert. Beyond 15 minutes, response effectiveness drops sharply.
Track your:
- Average response time (email, phone, chatbot)
- Number of missed or late responses
- Time-to-tour after first contact
Goal: Respond in under 10 minutes during business hours and automate as much as possible with text or email follow-ups.
4. Retargeting ROI
What happens after a prospect leaves your site?
Most renters don’t convert on their first visit. Retargeting helps bring them back, but very few multifamily teams track the true ROI of these efforts.
Retargeting ROI =
Revenue from retargeted conversions ÷ Retargeting ad spend
This helps you measure:
- How well your campaigns are bringing back lost traffic
- Which retargeting messages are working best
- Whether your pixel and audience segments are optimized
If you’re spending $2,000/month on retargeting and not tracking return, you may be missing the most efficient part of your funnel.
5. Website Conversion Rate
Does your site turn visitors into leads?
This is one of the clearest indicators of how well your website is functioning as a leasing tool.
Website Conversion Rate =
Number of leads ÷ Total website visitors
You should be tracking:
- Tour bookings
- Contact form submissions
- Click-to-call or click-to-email actions
A strong website should convert at least 3–5% of traffic. If you’re below 2%, it may be time to revisit your UX and CRO (Conversion Rate Optimization) strategy.
Fixes might include:
- Adding sticky CTAs
- Simplifying forms
- Speed improvements
- Clearer value propositions
6. Occupancy Velocity
How quickly are you leasing up over time?
Especially during newlease-ups, this metric shows how fast you’re filling units relative to your timeline.
Track this monthly:
Number of net new leases ÷ Number of available units
Compare that against your lease-up projections and target absorption rate. If velocity slows unexpectedly, it may be time to:
- Increase incentives
- Shift targeting
- Launch new campaigns
Tip: Monitor velocity by floor plan to catch bottlenecks (e.g., 1-bedrooms may be lagging while studios fill fast).
7. Marketing Cost Per Lease
Your bottom-line performance metric.
This is where it all comes together. Divide your total marketing spend by the number of leases signed to see what you’re really paying for results.
Marketing Cost Per Lease =
Total spend ÷ Leases signed
This number helps you:
- Evaluate campaign ROI by channel
- Justify the spending to the ownership or investors
- Set future budgets based on actual performance
If your campaigns are generating leads at $50 each but you’re spending $2,000 per lease, that gap needs to be investigated.
Use this to compare:
- PPC vs. ILS platforms
- Organic vs. paid social
- Lease-up phase vs. stabilized strategy
You wouldn’t run your property without knowing occupancy or NOI—so don’t run your marketing without clear performance metrics.
Vanity numbers like page views and likes won’t lease units. But metrics like CPL, tour conversion rate, and cost per lease? Those will guide your decisions, budget, and strategy in a way that actually fills apartments.
At Lease Ups, we help property managers and marketing teams:
- Set up performance dashboards
- Identify underperforming channels
- Optimize campaigns based on real data
Want to see what’s working finally—and what’s not?
Let us help you build a custom leasing metrics dashboard that turns insight into action.