Applications per Listing shows the average number of tenant applications or expressions of interest received for each active listing. The metric combines supply (number of listings) with demand (number of applications), providing a clear indicator of market response to advertised units.
How is it calculated?
Total number of applications during the period / Total number of listings during the period
Why is it important to follow?
This metric is key for assessing how attractive the supply is to the market. A high value indicates strong demand and may lead to shorter vacancy durations, while a low value may point to challenges in pricing, marketing, or unit characteristics. By tracking this metric over time, property companies can identify demand trends, compare performance across areas, and adjust leasing strategies accordingly.