Get Apartment Leads by Measuring and Optimizing Apartment Lead to Lease Conversion Rates
Apartment lead generation gets easier as you optimize, reduce friction, and most importantly, measure your results.
You can’t improve what you don’t measure, right?
So… what exactly should you be measuring?
Lead-to-Lease conversion rate is one of the most critical metrics we help clients track and improve at Lease Engine.
- How do you calculate lead-to-lease conversion rates?
- Is a click-to-lead conversion rate the same thing?
- Why does apartment lead tracking matter?
- What are some apartment lead generation strategies for improving conversion rates?
- Are there any successful apartment lead generation examples?
I answer all of these apartment lead generation questions and provide examples below.
By the end, you’ll have everything you need to calculate and improve your lead-to-lease conversion rates.
Read on for more.
What is Lead to Lease Conversion?
A lead-to-lease conversion rate is a percentage measurement of leads generated to leases filled. If your apartment marketing strategy generated four leads and one of them signed a lease, then your lead-to-lease conversion rate would be 25%. Lead-to-lease conversion also generally refers to the process of converting prospective renters into actual tenants who sign leases and move in.
Free Lead to Lease Conversion Rate Calculator
Wondering how your current apartment lead generation strategies stack up? We built a free lead-to-lease conversion rate calculator to show you how well your leads convert.
This calculator is based on Lease Engine client lead-to-lease conversion data. Before you use it, understand that lead-to-lease conversion rates can vary depending on:
- The market you are in
- The competition in your area
- And how your units are priced
We based the outputs of our calculator on multi-family markets across the US and average lead conversion rates for apartments.
However, this is just a guide. I highly suggest that you use these outputs as a benchmark as you calculate lead conversion rates.
What is Click-to-Lead Conversion?
Click-to-lead conversion is the percentage of organic or paid clicks to your website or landing page that result in a lead. Click-to-lead conversion rates are a key metric for many digital apartment marketing teams. It measures the effectiveness of your marketing efforts. For example: if you get 100 clicks from a Google Ad and you get 5 leads, then your click-to-lead ratio is 5%.
Here’s another example of a click-to-lead rate formula in action and why it’s important.
Let's say that last month, you had 200 conversions from 1,000 clicks. You then compare this against the previous month: 500 conversions from 4,000 clicks.
300 more people clicked in the previous month. But the overall conversion rate the month after was 8% higher at 20% compared to 12% the month before.
This would be considered a fantastic improvement even though the total number of leads was lower.
But what if you’re not seeing quality leads? Or maybe your lead gen numbers don’t match your expectations based on historical data? Then your click-to-lead conversion rate needs investigating and optimization.
Why Apartment Lead Conversion Rates Matter
Why do apartment lead conversion rates matter at all?
As I showed in the example above, conversion rates help you directly measure the effectiveness of your marketing campaigns and the quality of your leads.
They can also help you identify serious problems in your conversion funnel before throwing more money at the problem.
You can also think of conversion rates as a measure of how well you're attracting customers.
If you have high conversion rates, it means your marketing efforts are working well and attracting the right kind of people.
But if your conversion rates are low, then something needs tweaking or perhaps there's not enough demand for what you're offering.
Apartment Lead Generation Strategies
Ok, so I’ve established what lead-to-lease conversion rates and click-to-lead conversion rates are. And it’s clear why they’re important to apartment lead generation. You also have a free tool to help you calculate your own conversion rates.
But now it’s time we explored how to generate apartment leads.
There are many lease-up strategies. But below is a list of the most potent apartment lead generation strategies we use with our clients at Lease Engine.
1. Quickly generate leads with apartment PPC campaigns
Google Ads and Meta Ads are highly effective online advertising tools. Both can help you reach potential renters in your area.
Unfortunately, this is a pay-to-play marketing strategy. But it allows you to move quickly, iterate, and start generating clicks and leads almost instantly.
The trick to maximizing ROI with apartment PPC is to:
- Optimize your click-to-lead conversion rates
- Keep your customer acquisition costs as low as possible
I’ve got a whole guide that shows you how to run PPC campaigns for Apartments. It's important to understand what you’re doing. Otherwise, you can easily waste a lot of time and money with non-targeting apartment PPC campaigns.
This is where an apartment marketing agency like Lease Engine can help. We specialize in running Apartment PPC campaigns for lease-ups, multifamily properties, and student housing projects.
2. Educate, inform, and establish trust with leads through content marketing
Apartment PPC campaigns are pay-to-play and can get you instant traction. By contrast, content marketing is a long-term, lower-cost, sustainable marketing strategy.
Instead of digital advertisements, content marketing is all about creating valuable and informative content. This content can:
- Guide people through the leasing process
- Show them how to rent an apartment
- Or describe what it's like living in your market
Examples of content marketing are blog posts, infographics, and videos. All of these content formats can help you to attract and engage potential renters.
You can also optimize your content for various search engines like Google and YouTube. Both are ways to distribute your content and get it found by prospective renters.
Keep in mind that creating content and optimizing it for search engines is a skill. You can’t make small, quick investments and produce low-quality content. This is a long-term play that requires investment to produce sustainable lead generation.
3. Leverage influencers as part of a social media marketing strategy
Influencers are everywhere. So it’s important to leverage the right influencers on the right on social media platforms.
Facebook, Instagram, and Twitter are all great ways to drive traffic to your website or landing pages and generate leads. But some platforms may work better than others depending on your audience and your influencer.
Influencers can help you distribute content, and build awareness by:
- Sharing updates about your apartments
- Showcasing amenities
- And engaging directly with potential renters
Influencers can also help you speak to certain age groups and demographics. This is useful if you’re generating leads for a student housing complex or any other lifestyle-based apartment project.
4. Follow up, nurture, and retarget leads with email marketing
You need to think about retargeting if you’re already investing in content marketing or have an established ad-spend budget.
Retargeting is a great way to optimize and recover some of your lead acquisition costs. The process involves retargeting groups or cohorts of people who’re already familiar with you.
These are people who have already visited your website, engaged with some content, or clicked on an ad.
You can create retargeting ad campaigns directly on platforms like Google Ads. In fact, retargeting is a next-level apartment PPC strategy that we help Lease Engine clients with.
Or you can simply curate an email list.
Your email list can consist of interested prospects. All you have to do is send regular newsletters, promotions, or updates about your apartments and leasing opportunities. Then track your apartment lead email response rates - it’s that simple.
You can also use email marketing more generally to:
- Nurture leads
- Provide personalized offers
- Encourage people to schedule a tour
- Inquire about availability
5. Establish a resident referral program
Referral programs are a great way to get current residents, employees, or partners to refer potential renters to you.
Consider offering discounts, gift cards, or other rewards to motivate referrals and generate word-of-mouth marketing.
And here’s the best part about this type of lead generation strategy…
It doesn’t require huge up-front costs to get started. It’s an additional strategy that you can layer on top of your existing lead-generation activities.
6. Optimize your website for local search
Search engine optimization (SEO) can be a highly effective distribution strategy. But an SEO strategy for apartment complexes should also be optimized for local search.
Local search optimization is all about how your apartment project looks in Google to local searchers. These are people searching within geographic proximity to your building.
To optimize for local search you’ll want to claim your Google business profile and enter all relevant information.
There are also other local search strategies that you can deploy including:
- Setting up Google Local Service Ads
- Optimizing apartments.com and Zillow listings
7. Offer virtual apartment tours
Virtual tours are a great way to turn apartment prospects into leads. 360-degree videos, virtual reality (VR) experiences, and live video chats can lift your lead-to-lease conversion ratios.
This is because they give people a clear idea of what they’re buying.
Virtual tours can also help attract potential renters who are unable to visit your property in person. They’re a great way to generate leads through online inquiries. You can even showcase these as assets in your existing content and PPC ads as well.
Running an aggressive lease-up strategy with tight project-completion timelines? Virtual tours can help you close leases even if all of the available units aren’t ready for leasing.
8. Create strategic local partnerships
Collaborating with local businesses, universities, or organizations is an often neglected and undervalued apartment lead generation strategy.
Consider offering exclusive discounts, sponsoring events, or participating in community activities to increase your visibility and reach potential renters.
This strategy will be highly specific to your local area and community. But more likely than not, there is some sort of strategic local partner you can work with.
9. Craft direct mail campaigns
Targeted direct mail campaigns are making a comeback. In our digital age, tangible mail with real object permanence can keep you and your offer top-of-mind.
The other advantage to direct mail is the ability to reach specific neighborhoods or demographics to generate leads.
You can use eye-catching designs, compelling offers, and clear contact information to encourage recipients to inquire about your apartments.
Your direct mail campaigns can even work in conjunction with your digital marketing efforts.
Consider adding a trackable URL or QR code to your physical mailer. When people scan or use the link, you can track them as a referral to your website or landing page.
10. Leverage online classifieds like Craigslist, Apartments.com, and Zillow
Online classified listing sites like Craigslist, Apartments.com, Zillow, and Trulia are all great ways to list your apartments and generate leads. These platforms are also another way to leverage your local search strategy.
We consider these platforms as the baseline when it comes to apartment prospect lead generation.
The best way to optimize these listings is with:
- Professional photos
- Detailed descriptions of rental listings
- Accurate pricing
You’ll want to put effort into optimizing your appearance on these platforms to attract potential renters.
Apartment Lead Generation Campaign Examples
I’ve covered various lead sources and how to generate leads for your apartment leasing business. But what do these strategies look like in practice as campaigns?
Below, I’ve modeled three lead generation for apartment examples based on campaigns we’ve run for actual Lease Engine clients.
Each example utilizes one or more of the above apartment lead-generation strategies as a complete campaign.
All campaign results are theoretical. But the numbers are based on actual performance metrics we’ve seen.
Example 1: apartment PPC campaign for XYZ Community
Generate apartment leads for XYZ Community through a targeted PPC campaign over the course of one month.
Develop an apartment PPC campaign that targets individuals searching for apartments in the area surrounding XYZ Community. Utilize Google Ads and Meta Ads to reach a specific audience and generate leads from clicks to ads.
Ad campaign ideas:
- Spacious Apartments in XYZ Community!
- Come and Live in the Heart of the City.
- Luxury Living at its Finest at XYZ Community.
Create landing pages that highlight key features of the apartments, including pictures and floor plans, amenities, and pricing information. Landing pages will include a contact form. Interested individuals can use this to submit their information, schedule a tour, or request more information.
The budget for the campaign is $3,000.
Over the course of one month, this campaign generated 200 leads. Of those leads, 50 converted into actual apartment tours. This resulted in a 25% conversion rate.
Cost per lead:
The cost per lead was $15. This means that for every $15 spent on the campaign, we generated one new lead.
Cost per conversion:
The cost per conversion (tour of the apartments) was $60. This means that for every $60 spent on the campaign, it generated one tour.
The ROI for the campaign was 200%. It generated $6,000 in rent revenue from the 50 tours that converted into signed leases. This is double the amount spent on the campaign.
This targeted PPC campaign was successful in generating high-quality leads for XYZ Community, resulting in a positive ROI.
Google Ads and Meta Ads, made it possible to reach specific audiences and effectively promote the features of the apartments.
The cost per lead and cost per conversion were both within budget. The campaign ultimately resulted in a significant increase in rent revenue for XYZ Community.
Example 2: social media and influencer campaign for ABC Apartments
Generate apartment leads for ABC Apartments through a targeted social media and influencer campaign over the course of one month.
Develop a social media campaign that utilizes Instagram, Facebook, and Twitter. Showcase ABC Apartment’s amenities to reach a wider audience. Additionally, partner with several local influencers in the area who have strong followings and can promote ABC Apartments to their audience.
Reach out to several local influencers in the area. Consider offering them a free stay in one of the model apartments. In exchange, they’ll promote ABC Apartments on their social media platforms.
Note: Carefully select influencers based on their audience demographics to align with the target market.
Create a hashtag campaign that encourages individuals to share their own experiences and photos of ABC Apartments using the hashtag #ABCApartments. This will help to increase brand awareness and engagement on social media.
Over the course of one month, this campaign generated 300 leads. Of those leads, 75 converted into actual tours of the apartments, resulting in a 25% conversion rate.
Cost per lead:
The cost per lead was $10. This means that for every $10 spent on the campaign, it generated one new lead.
Cost per conversion:
The cost per conversion (tour of the apartments) was $40. This means that for every $40 spent on the campaign, we generated one tour.
The ROI for the campaign was 150%. We generated $4,500 in rent revenue from the 75 tours that converted into signed leases. This is one and a half times the amount we spent on the campaign.
The social media and influencer campaign for ABC Apartments was successful. It generated high-quality leads and a positive ROI.
It utilized Instagram, Facebook, and Twitter to showcase the apartments' unique features and reach specific demographics in the target audience.
Partnering with local influencers also increased brand awareness and credibility among the target market.
Both the cost per lead and cost per conversion was within the budget. The campaign ultimately resulted in an increase in rent revenue for ABC Apartments.
Example 3: email marketing and retargeting campaign for DEF Apartments
Generate apartment leads for DEF Apartments through a targeted email marketing and retargeting campaign over the course of one month.
Develop an email marketing campaign that targets people who visit the website or fill out a contact form.
Additionally, utilize retargeting ads on Facebook and Google to reach individuals that interact with the website.
Send out a series of three emails to individuals who had previously shown interest in DEF Apartments.
- The first email can provide an overview of the apartments and their features.
- The second email can highlight pricing information and special promotions.
- The third email will utilize a call-to-action to schedule a tour or request more information.
Utilize Facebook and Google retargeting ads to reengage with people who visit the website or interact with social media profiles. The ads will showcase apartment features with direct calls to action to schedule a tour or request more information.
Over the course of one month, the campaign generated 150 leads. Of those leads, 45 converted into actual tours of the apartments, resulting in a 30% conversion rate.
Cost per lead:
The cost per lead was $20. This means that for every $20 spent on the campaign, it generated one new lead.
Cost per conversion:
The cost per conversion (tour of the apartments) was $66. This means that for every $66 spent on the campaign, it generated one tour.
The ROI for the campaign was 120%. It generated $3,600 in rent revenue from the 45 tours that converted into signed leases. This is 1.2 times the amount we spent on the campaign.
The marketing efforts through email and retargeting were fruitful in generating top-notch leads for DEF Apartments. This resulted in a favorable return on investment.
It focused on targeting those who had previously shown interest in the apartments. This made it possible to reach a receptive audience and highlight the apartment's features effectively.
The campaign was also budget-friendly as the cost per lead and conversion were within our limits. In the end, the campaign increased the rent revenue for DEF Apartments.
Final thoughts and next steps
Conversion rates are a valuable tool for understanding how your marketing efforts are impacting your business.
By analyzing these numbers, you can better understand how well your marketing efforts are working. They will also show you what you might need to adjust to increase conversion ratios.
But the only thing that really matters is how many leases you fill compared to your vacancies.
This is where Lease Engine can help. We have direct experience in:
- Generating multifamily apartment leads
- Conducting successful lease-ups
- And getting apartment rental leads for student housing
You’re always free to reach out to Lease Engine's apartment marketing team for a consultation.
We’re happy to offer you more information and explain our process for working with a trusted apartment marketing service.