We are excited to share with you the Chart of the Week!
Closing ratio is a key metric that tracks the leasing efficiency of a property or multifamily market. The closing ratio is the number of leases signed per week compared to the traffic seen at a given property. Over the past few years, closing ratios have followed a two peak and two trough per year trend. Often the closing ratios will peak in June or early July, as many people who have spent the spring looking for new housing decide where they want to live and sign leases. The other peak often comes at the end of the calendar year. While traffic and leasing activity are typically low in the winter, those with expiring leases and the need to move will often sign leases without touring too many properties. The troughs usually occur in March, just as traffic is picking up ahead of the prime rental season, and October, when traffic and leasing activity begin to decline ahead of the winter months.
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