You want more doors under management. Fewer fires to put out. Better service that keeps owners and residents happy. Property management KPIs help you see exactly where you stand and what to fix first. No guessing. Just numbers that tell you the truth.
KPIs (Key Performance Indicators) are simple measurements that show how your business performs. They help you spot problems before they hurt your bottom line. We've grown with many property management companies through the years, so we've seen firsthand what works—and what doesn't!
Let's start by learning what are the right KPIs to track.
Pick the Right KPIs
Don't try to track 30 metrics at once. Start with 8-10 KPIs that match your goals. Here's how to choose:
- Align KPIs to goals – If you want better leasing, track days vacant and show-to-lease rate. Want lower costs? Track cost per work order and vendor SLA attainment.
- Cover all areas – Pick a few KPIs from each bucket: leasing, maintenance, resident experience, owner retention, and finances.
- Make them measurable – "Better service" isn't a KPI. "Average maintenance response time under 4 hours" is.
- Assign owners – Someone specific should be responsible for each KPI. No owner means nobody fixes it.
- Set weekly reviews – Check your top 5 KPIs every week. Monthly is too slow to catch problems early.
- Start with baselines – Track for 30 days before setting targets. You need to know where you are before you can improve.
- Keep definitions clear – Everyone needs to measure the same way. Write down exactly what each KPI means.
Property management KPIs help you make data-driven decisions and spot problems before they impact profitability. Regular monitoring improves overall property performance and business growth.
Leasing KPIs That Move the Needle
Empty units cost you money every single day. These KPIs help you fill them faster.
Vacancy Rate
This shows what percentage of your units sit empty. The average occupancy rate in residential property is about 95%, meaning a 5% vacancy rate is normal. Higher than 8-10% means you have a leasing problem.
Formula: (Vacant Units / Total Units) × 100
Days Vacant
How long does a unit sit empty between tenants? Track average days vacant across all properties. Then break it down by property to find your problem buildings.
Days to Lease
From the day you list a unit to the day someone signs a lease, how long does it take? Average days to lease benchmarks vary by market, but aim for under 30 days in most areas.
If you're over 45 days consistently, your pricing might be too high or your marketing too weak.
Lead-to-Show Rate
What percentage of people who inquire about a property actually come see it? Low lead-to-show rates mean your response time is too slow or your initial communication turns people off.
Formula: (Property Showings / Total Leads) × 100
Show-to-Lease Rate
Of the people who tour a property, how many sign a lease? If this number is low, your properties might have issues or your screening process is too complicated.
Formula: (Signed Leases / Property Showings) × 100
Renewal Rate
What percentage of residents renew their leases instead of moving out? High renewal rates (70%+) save money on turnover and vacancy. Low renewal rates point to resident satisfaction problems.
Formula: (Renewed Leases / Total Expiring Leases) × 100
Quick Actions to Improve Leasing KPIs
- Better listing copy – Clear descriptions with specific details
- More photos – 10+ high-quality images per listing
- Faster response time – Reply to inquiries within 15 minutes
- Automated follow-ups – Text or email people who don't show up
- Price competitively – Check comps weekly and adjust
Maintenance & Vendor KPIs
Maintenance problems lose residents and cost money. Track these metrics to run a tighter operation.
First-Time-Fix Rate
What percentage of maintenance issues get solved in one visit? A first-time fix rate above 80% is considered excellent. Anything under 70% means your vendors aren't prepared or your work orders lack detail.
Formula: (Issues Fixed First Visit / Total Work Orders) × 100
World-class property managers achieve 85% or higher. This saves money and keeps residents happy.
Response Time by Priority
How fast do you acknowledge and respond to maintenance requests? Track separately by priority level:
- Emergency (active leak, no heat in winter) – 1-2 hours
- Urgent (no hot water, broken AC in summer) – 4-8 hours
- Routine (squeaky door, slow drain) – 24-48 hours
Callback Rate
How often do residents call back about the same problem within 30 days? Keep this under 10%. High callback rates mean vendors aren't fixing root causes.
Formula: (Repeat Requests / Total Work Orders) × 100
Cost Per Work Order
Track your average cost per maintenance request. Compare across properties and over time. Rising costs signal vendor problems or deferred maintenance catching up with you.
Formula: Total Maintenance Costs / Total Work Orders
SLA Attainment
What percentage of the time do vendors meet their promised response times? Aim for 95% or higher. Anything under 85% means you need better vendors or clearer SLAs.
Formula: (SLAs Met / Total SLA Checks) × 100
After-Hours Volume
How many emergency calls happen outside business hours? Track this monthly. High after-hours volume might mean preventive maintenance is failing or residents don't know what's actually an emergency.
Maintenance Playbook
- Clean work orders – Include photos, access notes, and clear scope
- NTE amounts – Set not-to-exceed limits so vendors don't overspend
- Photo proof – Require before and after photos on every job
- Vendor scorecards – Rate vendors monthly on response time, quality, and cost
- Preventive schedules – Regular inspections catch problems before they become emergencies
Resident Experience KPIs
Happy residents stay longer and tell their friends. These metrics show if you're delivering good service.
CSAT (Customer Satisfaction)
After completing a work order or resolving an issue, ask residents to rate their experience on a 1-5 scale. Aim for an average above 4.5 out of 5.
Send quick surveys via text or email within 24 hours of service completion.
Review Velocity
How many new Google reviews do you get each month? 83% of consumers use Google to find local business reviews. Property managers with 47+ reviews rank higher and get more inquiries.
Aim for 3-5 new reviews per month across all your properties.
Average Rating
What's your overall star rating on Google, Yelp, and apartment sites? 48% of consumers won't use a business with fewer than 4 stars. Keep your average at 4.5 or higher.
Time to First Reply
When a resident calls, emails, or texts, how long until they get a response? Track this separately for each channel. Aim for under 15 minutes during business hours.
78% of prospective residents say online reviews are the most significant factor in choosing where to live. The primary reason for negative reviews? Slow maintenance response.
Resolution Time
From when a resident reports a problem to when it's completely fixed, how long does it take? World-class repair speed is 2.7 days or less. Anything over 5.5 days and you have close to zero chance of getting a positive review.
How to Ask for Reviews and Close the Loop
- Ask after positive interactions – Completed maintenance, lease signing, problem resolution
- Send within 24 hours – Strike while they're still happy
- Include direct links – Make it one click to leave a review
- Reply to all reviews – Thank people for good reviews, address bad ones professionally
- Close the loop – When you fix a problem someone complained about, let them know
Owner/Portfolio Health KPIs
Owners hire you to make their lives easier and their properties more profitable. These KPIs show if you're doing that.
Doors Added vs Doors Lost (Churn)
Track how many properties you add each month versus how many owners leave. Your goal is positive net growth. If you're losing more doors than you're gaining, dig into why owners are leaving.
Churn formula: (Doors Lost / Total Doors) × 100
Keep annual churn under 10%. Anything over 15% means you have serious service problems.
NOI Trend (Net Operating Income)
NOI measures profitability by subtracting operating expenses from total revenue. Track this for each property and for your portfolio overall. Growing NOI means you're managing well. Declining NOI signals cost problems or vacancy issues.
Formula: Total Revenue – Operating Expenses
Delinquency Rate
What percentage of rent is past due? Track who pays on time versus who pays late. High delinquency rates hurt cash flow and indicate collection problems.
Formula: (Past Due Rent / Total Rent Owed) × 100
Keep this under 5%. Anything over 10% needs immediate attention.
Make-Ready Cost and Time
When a tenant moves out, how much does it cost and how long does it take to get the unit rent-ready? Average make-ready time should be under 10 days. Costs vary by property age and condition, but track them monthly to spot trends.
Simple Monthly Owner Report
Send owners a one-page summary each month:
- Wins – What went well (rent collected, maintenance completed, new lease signed)
- Risks – What needs attention (upcoming maintenance, late payments, lease renewals)
- Next steps – What you're doing about the risks
Dashboards That Tell the Truth
Good dashboards make KPIs easy to understand at a glance. Here's what to include:
What to Show
- Trend lines – Show the past 3-6 months so you can see if things are improving or getting worse
- Targets – Mark your goal on each chart so you know if you're hitting it
- Red/yellow/green indicators – Make it visual. Green means good, yellow means watch it, red means fix it now.
- Comparisons – Show this month vs last month, this property vs portfolio average
Data Hygiene Tips
- One source of truth – All KPIs should pull from the same system. Multiple spreadsheets create confusion.
- Clear definitions – Write down exactly how each KPI is calculated. Everyone should measure the same way.
- Time stamps – Log when data was last updated so you know if it's current
- Automate when possible – Manual data entry creates errors. Connect systems to update automatically.
- Clean as you go – Fix bad data immediately. Don't let errors pile up.
Turn Insights into Fixes (Fast SOPs)
Tracking KPIs is useless if you don't act on what you learn. Here's how to turn numbers into improvements.
KPI → Action Map (Examples)
High vacancy rate? → Check your pricing against comps. Speed up your response to inquiries. Improve your listing photos.
Low first-time-fix rate? → Improve work order details. Stock common parts. Train or replace vendors.
Long days to lease? → Automate lead follow-ups. Increase showing availability. Simplify your application process.
High maintenance costs? → Audit vendor pricing. Negotiate better rates. Switch to vendors who charge less.
Rising churn? → Survey owners who leave. Fix the top 3 complaints they mention. Improve your monthly reporting.
5-Step Improvement Loop
- Measure – Pick one KPI that's underperforming
- Find bottleneck – Dig into why the number is bad. Ask "why" five times to get to the root cause.
- Test a fix – Try one small change. Don't overhaul everything at once.
- Train your team – Make sure everyone knows the new process
- Re-measure – Check the KPI again in 30 days. Did it improve? If yes, keep the change. If no, try something else.
Repeat this loop monthly. Pick a new KPI each time. Small improvements add up fast.
Your 90-Day KPI Plan
Don't try to fix everything at once. Here's a realistic 90-day plan to get started:
Month 1: Set the Foundation
- Week 1: Agree on 8-10 KPIs to track. Pick 2-3 from each category: leasing, maintenance, residents, owners.
- Week 2: Define owners for each KPI. Write down exactly what each metric means and how it's calculated.
- Week 3: Set baselines. Track for the past 30-90 days to see where you currently stand.
- Week 4: Create a simple dashboard. Use a spreadsheet or property management software. Update it weekly.
Month 2: Fix the Worst Bottleneck
- Week 1: Identify your worst-performing KPI. This is where you'll focus your energy.
- Week 2: Dig into root causes. Why is this number bad? Interview your team. Look at actual examples.
- Week 3: Implement one fix. Maybe it's better work order details. Or faster lead response times. Pick one thing.
- Week 4: Train everyone on the new process. Make sure they understand why it matters.
Month 3: Tune and Expand
- Week 1: Tune maintenance scripts and vendor SLAs based on what the data shows
- Week 2: Improve leasing follow-ups. Automate where possible.
- Week 3: Publish vendor scorecards. Show your team and vendors how they're performing.
- Week 4: Review all KPIs. Celebrate wins. Pick the next bottleneck to fix.
By day 90, you'll have a clear picture of your business health and momentum to keep improving.
FAQ
How many KPIs should I track?
Start with 8-10 KPIs total. Pick 2-3 from each major area: leasing, maintenance, resident experience, and owner retention. More than 15 KPIs and you'll get overwhelmed. Focus on what matters most to your business goals. You can always add more later once you've mastered the basics.
How often should I report?
Check your top 5 KPIs weekly. Review all KPIs monthly with your team. Send owners quarterly reports. Weekly checks catch problems early. Monthly reviews help you spot trends. Quarterly reports keep owners informed without overwhelming them. Daily tracking is too much for most property managers.
What's a good first-time-fix rate?
Aim for 80% or higher. World-class property managers achieve 85%+. Anything under 70% means your vendors need better preparation, your work orders lack detail, or techs need more training. First-time-fix rates directly impact resident satisfaction and maintenance costs.
How do I lower days vacant?
Speed up every step: respond to inquiries within 15 minutes, schedule showings within 24 hours, approve applications in 48 hours, and turn units in under 10 days. Also check your pricing weekly against comps, improve listing photos, and automate follow-ups with leads who don't respond. Track where leads drop off and fix that step first.
What is a fair vendor SLA?
For emergency work (active leaks, no heat in winter), expect a 1-2 hour response. For urgent issues (no hot water, broken AC), 4-8 hours is fair. Routine repairs should get acknowledged within 24 hours. Always define response time (when they confirm) separately from arrival time (when they show up). Put it in writing and track whether vendors meet these commitments 95% of the time.
How do I improve my renewal rate?
Start reaching out 90 days before lease expiration. Fix any outstanding maintenance issues. Ask residents if they're happy and address concerns immediately. Offer incentives for early renewals like a rent freeze or small upgrade. Track why people don't renew and fix those problems. Fast maintenance response is the #1 driver of renewals. Aim for 70%+ renewal rate.
What's a healthy property management churn rate?
Keep annual churn under 10%. If you lose more than 15% of your doors per year, you have serious service problems. Track why owners leave—is it slow maintenance response, poor communication, rising costs, or low occupancy? Fix the top reason first. Survey every owner who leaves to understand what went wrong. Use that feedback to improve.
Keep Every Call with Ambs Call Center
Your KPIs improve when you don't miss calls. Every inquiry answered quickly boosts your lead-to-show rate. Every maintenance request captured properly improves first-time-fix rates. Every owner call handled professionally reduces churn.
Businesses answer less than 40% of inbound calls. For property management, that means lost leases, frustrated residents, and missed emergencies.
That's where Ambs Call Center helps.
We answer every call. We capture leads properly. We triage maintenance by urgency. We schedule showings. And we make sure nothing falls through the cracks while you're touring properties or in meetings.
Want to see what missed calls cost you? Try our missed call calculator. When you're ready to keep every lead and keep residents happy, we're here to help.
