What is "leasing velocity" in multifamily?

Leasing velocity is a metric that measures how quickly vacant units in a multifamily property are leased. It's essentially the speed at which you can turn over vacant units.  

Key factors influencing leasing velocity include:

• Market demand: Strong demand for rental units in the area leads to faster leasing times.  

• Property condition and amenities: Well-maintained units with desirable amenities attract tenants quicker.

• Pricing strategy: Competitive rental rates can influence leasing speed.

• Marketing and leasing efforts: Effective marketing and a skilled leasing team contribute to higher velocity.

High leasing velocity is generally a positive indicator of a property's desirability and the efficiency of the leasing process. It helps maximize revenue and minimize vacancy loss.