In Practice
Closing ratio measures how well your team turns tours into leases. Divide the number of leases signed by the number of prospects who toured, and you have the ratio. It shows the quality of the tour and the follow-up, once the prospect is already standing in front of you.
Leasing agents, community managers and regional managers see it in the weekly leasing report, usually next to traffic and leads. It is a coaching number: if one agent closes noticeably less than another on the same product at the same price, the difference is in the tour and the follow-up, not the apartment.
Example: an agent gives 40 tours in a month and signs 12 leases. The closing ratio is 30 percent. If the agent never follows up after the tour, the first fix is a call or text the same day and a second touch a couple of days later.
Common mistake: comparing closing ratios without context. A property with long lease-up or a tough market will not look like a full building with a waitlist. Also watch the denominator: count each prospect once and decide whether a repeat tour counts. Keep every tour and follow-up consistent for every prospect so you stay within fair housing rules.
How to calculate it
Closing ratio equals leases signed divided by prospects who toured, times 100. Example only: 9 leases from 30 tours is 30 percent.
Not to Be Confused With
Closing ratio starts from tours. Lead-to-lease conversion starts from every lead, so it is a wider and lower number.
Closing Ratio: Common Questions
What is a good closing ratio in apartment leasing?
It depends on the market, price and lead quality. Compare your team against its own past results and against other agents at similar properties.
What is the difference between closing ratio and conversion rate?
Closing ratio starts from tours. Lead-to-lease conversion starts from all leads, so it is lower and shows the whole funnel.
