Too many landlords only look at one number each month: rent collected. That’s not enough. To run rental properties like a business, you need to look deeper. These six monthly metrics give you more than just a surface view — they show you what’s actually working and where things are off track. They’re the numbers that smart landlords use to make better decisions, save money, and stay ahead.
- Lead-to-Lease Conversion Rate
Do you know your cost per lead? If not, it's easy to waste money on ads or listings that never result in signed leases. Tracking your lead-to-lease conversion rate shows how effective your marketing, communication, and property presentation really are.
How to Track It:
- Count the number of leads generated per listing platform
- Track how many scheduled a tour and submitted an application
- Calculate the percentage of those that signed a lease
- Tenant Retention Rate
High turnover can quietly drain your rental income. Paying attention to tenant retention helps you maintain cash flow and reduce expenses tied to turnover, such as cleaning, repairs, and vacancy loss.
Why It Matters:
- Improves income predictability
- Reduces time and money spent on marketing new leases
- Signals tenant satisfaction and management performance
- Maintenance Costs Per Unit
Maintenance expenses can balloon quickly. When tracked monthly, these costs reveal which units need deeper evaluation and which vendors are delivering value. Sudden spikes can also highlight deferred issues turning into larger problems.
What to Watch:
- Track per-unit expenses over time
- Compare costs by property or property type
- Review maintenance logs for recurring issues
- Rent Collection Rate
Rent collection isn’t just about the money owed. It reflects the effectiveness of your systems, the reliability of your tenants, and your enforcement of payment terms. Monitor this rate consistently, not just at the end of each month.
Break It Down:
- Percentage of rent paid on time
- Late payments and how often they occur
- Amounts recovered through legal or third-party collections
- Vacancy Rate
A vacancy rate that trends high eats into revenue. Monthly tracking shows you how quickly you’re filling units and how well your pricing matches market demand. Patterns here can influence everything from marketing budget to lease renewal strategies.
Improving It:
- Monitor average days a unit sits vacant
- Review how seasonal trends affect demand
- Test adjustments in rental rates to improve turnover time
- Net Operating Income (NOI)
This is the bottom line. NOI is the true reflection of your rental property's financial health. It isolates actual profit from the noise of gross rent by subtracting operating expenses. Watching it monthly allows landlords to spot issues fast and make better decisions.
Pro Tips:
- Break it down by individual property and by entire portfolio
- Use it as a benchmark month-to-month and year-over-year
- Factor it into decisions about improvements, acquisitions, or divestments
Final Thoughts
Most landlords know how much rent comes in. But the ones who grow profitable portfolios track far more than that. These six monthly metrics offer a clean view into what’s working, where costs are creeping up, and how operations are performing. When measured regularly, they become tools for decision-making—not just numbers on a spreadsheet.
Next Steps:
- Pick two of these metrics and start tracking them monthly.
- Share this article with a property manager or investor you work with.
Want help building a performance dashboard for your rentals? Reach out—we build custom tools for owners who want real insight.
