What is Days to Lease?
What is Days to Lease?
Section titled “What is Days to Lease?”Days to Lease is the average length of every closed vacancy period on record for your portfolio — how long a property has typically sat empty before a new tenant moved in:
Days to Lease = Total Length of Closed Vacancy Periods / Number of Closed Vacancy PeriodsWhere you’ll see it
Section titled “Where you’ll see it”Reports page, above the report content — scoped to whichever portfolio or property filter you’ve selected.
Why it’s a lifetime average, not a 12-month one
Section titled “Why it’s a lifetime average, not a 12-month one”Unlike Vacancy Rate and Tenant Turnover (both trailing-12-month figures), Days to Lease looks across your property’s entire recorded history. A portfolio might only have one or two vacancy periods ever — restricting that to the last 12 months would leave the figure empty far more often than it’s useful. An open-ended vacancy that’s still ongoing isn’t counted yet — it only enters the average once it has an end date, i.e. once the property has actually been re-let.
How to read it
Section titled “How to read it”A lower Days to Lease means properties are typically re-let quickly after a tenant leaves. It’s a useful sanity check on how well an area, property type, or property manager is performing at finding new tenants — worth comparing against local market averages if you’re trying to judge whether a longer-than-expected vacancy is unusual for your area.