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Property management KPIs are the metrics that show whether your properties and operations are actually performing well.
They connect daily work like leasing, maintenance, and communication to real outcomes such as revenue, occupancy, and tenant satisfaction.
In this guide, we break down 19 essential property management KPIs every property manager should track.
Each metric explains what it measures, why it matters, and how it helps you make better decisions, spot problems early, and run a more profitable and stable property management business.
What Are Property Management KPIs?
Property management KPIs are measurable metrics that show how well a property management business is performing. They help track revenue, occupancy, tenant satisfaction, and operational efficiency. By monitoring the right KPIs, property managers can spot problems early, make better decisions, and improve both profitability and tenant experience.
The top 19 property management KPIs every property managers should track include:
1. Revenue Growth
Revenue growth shows whether your property management business is moving forward or standing still.
It reflects changes in management fees, rent levels, added services, and portfolio size. For example, onboarding new HOA contracts or introducing maintenance services can lift revenue without adding properties. However, growth should be steady, not rushed, because fast expansion with weak systems can reduce service quality.
Tracking revenue growth over time helps managers understand which decisions actually increase income and which only add workload without profit.
How to Track Revenue Growth?
- Compare revenue year over year
- Separate recurring vs one-time income
- Track revenue by property type
- Monitor impact of new services
- Review fee adjustments regularly
2. Properties Won Vs. Properties Lost
This KPI shows whether your business is attracting more clients than it’s losing.
Winning new properties signals strong sales and reputation, while losses often reveal service gaps or pricing issues. For instance, losing several landlords after maintenance complaints points to an operational issue, not marketing. Balance matters here, because growth driven only by wins without retention creates instability.
Monitoring this KPI helps refine onboarding, communication, and service delivery so growth remains sustainable rather than stressful.
How to Track Properties Won vs Lost?
- Count new contracts signed
- Track properties terminated
- Record reasons for client exit
- Compare wins vs losses quarterly
- Segment by property size
3. Net Operating Income (NOI)
Net operating income reflects what remains after operating expenses are paid.
It gives a clear picture of profitability beyond top-line revenue. Even with strong rent collections, high maintenance or staffing costs can shrink NOI. For example, reducing emergency repair frequency through preventive maintenance improves NOI without raising rents.
This KPI helps managers identify cost leaks and pricing gaps while supporting smarter budgeting and long-term planning.
How to Track NOI?
- Subtract operating costs from income
- Track monthly and annually
- Review expense categories individually
- Compare NOI across properties
- Monitor changes after cost controls
4. Property Acquisition Cost
Property acquisition cost shows how much you spend to add each new unit under management.
Marketing, sales staff, software, and promotions all contribute. If acquiring one property costs more than its annual management fees, growth becomes unsustainable. This KPI helps managers fine-tune marketing channels, improve conversion rates, and focus on high-quality leads rather than volume-based expansion.
How to Track Property Acquisition Cost?
- Total sales and marketing spend
- Divide by units acquired
- Track cost per channel
- Compare cost over time
- Measure ROI per acquisition
5. Vacancy Rate
Vacancy rate measures the percentage of units sitting empty and directly affects cash flow.
Even short vacancies add up when multiple units turn over. However, vacancy also signals market alignment issues such as pricing, listing quality, or repair delays. For example, a unit vacant for 45 days due to slow repairs shows operational inefficiency rather than demand problems.
Monitoring vacancy rate helps managers respond faster and protect revenue.
How to Track Vacancy Rate?
- Vacant units ÷ total units
- Track monthly trends
- Separate turnover vs long-term vacancies
- Compare with market averages
- Analyze vacancy causes
6. Average Arrears
Average arrears show how much rent remains unpaid and how often payments arrive late.
While one late payment is manageable, repeated arrears disrupt cash flow and forecasting. For instance, properties with frequent late payers may require stricter screening or automated reminders. This KPI highlights payment discipline and collection efficiency, helping managers improve processes before unpaid rent becomes unmanageable debt.
How to Track Average Arrears?
- Total outstanding rent
- Average days overdue
- Identify repeat late tenants
- Track recovery success
- Compare arrears by property
7. Tenant Turnover Rate
Tenant turnover rate reflects how often residents move out and how stable your portfolio is.
High turnover increases vacancy, leasing costs, and maintenance workload. For example, constant move-outs from one building often signal service or pricing issues. Lower turnover improves predictability and reduces stress across operations.
Tracking this KPI helps managers improve retention through better communication, timely repairs, and realistic rent adjustments.
How to Track Tenant Turnover Rate?
- Annual move-outs count
- Divide by occupied units
- Track exit reasons
- Compare unit sizes
- Monitor renewal rates
8. Rent-Ready Costs
Rent-ready costs capture the expenses needed to prepare a unit for the next tenant.
Paint, cleaning, labor, and materials often go untracked, yet they impact profitability. For instance, rushed turnovers using expensive emergency labor inflate costs unnecessarily. This KPI reveals inefficiencies and supports better vendor planning, realistic budgeting, and faster leasing cycles.
How to Track Rent-Ready Costs?
- Track labor and materials
- Include internal labor value
- Calculate cost per turnover
- Compare similar units
- Review trends quarterly
9. Average Days to Lease
This KPI measures how long it takes to secure a tenant after a unit becomes available.
Faster leasing reduces lost rent, but overly aggressive pricing can hurt long-term income. For example, cutting rent too quickly may lease fast but reduce yearly revenue. Tracking days to lease helps balance speed, pricing, and demand while improving marketing and response times.
How to Track Days to Lease?
- Vacancy date to lease date
- Average by property type
- Track listing response time
- Compare marketing channels
- Review pricing changes
10. Management Fee Ratio
Management fee ratio shows how much revenue comes from fees compared to total rent collected.
Pricing too low limits growth, while pricing too high risks owner dissatisfaction. This KPI helps evaluate whether fees reflect service quality and market expectations. Adjustments should align with value delivered, not short-term competition.
How to Track Management Fee Ratio?
- Fees ÷ total rent collected
- Compare with market rates
- Track owner retention
- Review service scope
- Adjust after upgrades
11. Repair and Maintenance Costs
Repair and maintenance costs often represent the largest expense category.
While maintenance protects property value, uncontrolled spending reduces margins. For example, repeated plumbing issues suggest deeper system failures. Tracking this KPI helps managers plan preventive maintenance, negotiate vendors, and reduce emergency costs without compromising property quality.
How to Track R&M Costs?
- Monthly R&M spending
- Cost per unit
- Emergency vs routine repairs
- Vendor cost comparison
- Recurring issue analysis
12. Maintenance Response Time
Maintenance response time tracks how quickly your team reacts after a tenant reports an issue.
This KPI is less about fixing everything instantly and more about showing responsiveness and control. Even a fast acknowledgment reduces frustration and builds trust. Slow responses often escalate small issues into expensive repairs, legal risks, or negative reviews. For example, delaying a simple water leak can quickly turn into flooring damage or mold complaints.
Strong response time reflects operational maturity, vendor coordination, and communication efficiency, all of which directly affect tenant satisfaction and long-term asset value.
How to Track Response Time?
- Time from request to action
- Emergency vs routine averages
- Vendor response speed
- Tenant feedback scores
- Repeat issue frequency
13. Lease Renewal Rate
Lease renewal rate shows how many tenants choose to stay when their lease ends, making it a strong indicator of satisfaction and stability.
High renewal rates reduce vacancy costs, leasing effort, and turnover-related wear and tear. Tenants usually renew when rent feels fair, communication is smooth, and maintenance is reliable. For example, a building with consistent renewals often signals predictable operations rather than luck.
This KPI also helps forecast income more accurately, because retained tenants provide continuity and reduce uncertainty in monthly cash flow planning.
How to Track Renewal Rate?
- Renewals ÷ expiring leases
- Track by property
- Compare rent increases
- Analyze tenant feedback
- Monitor long-term trends
14. Owner Retention Rate
Owner retention rate measures how long property owners continue working with your management company.
Unlike tenants, owners evaluate performance through reporting accuracy, transparency, responsiveness, and financial outcomes. Losing an owner often means losing multiple units at once, making this KPI critical for long-term growth. For example, delayed statements or unclear expense reporting can quietly erode trust over time. High retention signals strong relationships and consistent delivery.
This KPI also lowers acquisition costs because retaining owners is far cheaper than constantly replacing them.
How to Track Owner Retention Rate?
- Active owners year over year
- Track contract terminations
- Record exit reasons
- Monitor service complaints
- Review retention quarterly
15. Revenue per Unit (RPU)
Revenue per unit shows how much income each managed unit generates on average, making it a powerful efficiency indicator.
Unlike total revenue, RPU highlights whether growth comes from scale or smarter monetization. For example, adding value-based services like maintenance coordination or compliance support can raise RPU without increasing unit count. A rising RPU often reflects improved pricing, better service mix, or operational efficiency.
This KPI helps managers focus on sustainable growth rather than chasing volume that strains teams and systems.
How to Track Revenue per Unit?
- Total revenue ÷ units managed
- Track by property type
- Compare year over year
- Monitor service upsells
- Review pricing strategy
16. First-Time Resolution Rate
First-time resolution rate measures how often tenant issues are fully resolved in the first visit or interaction.
This KPI reflects process quality, vendor selection, and internal coordination. When problems get fixed properly the first time, tenants feel heard and operations run smoother. Low rates often signal rushed work, poor diagnostics, or unclear work orders. For example, sending the wrong technician twice increases cost and frustration. A high first-time resolution rate reduces repeat tickets, saves money, and improves trust without increasing workload.
How to Track First-Time Resolution Rate?
- Tag work orders as “resolved” or “reopened”
- Track repeat work orders for the same issue
- Measure percentage resolved in one visit
- Review technician notes for root causes
- Compare rates by vendor or property
17. Average Rent Increase Acceptance Rate
This KPI tracks how often tenants accept rent increases without pushing back or leaving.
It shows how well rent pricing aligns with market expectations and perceived value. If increases are consistently rejected, it may indicate poor communication or weak service justification. For example, tenants are more likely to accept higher rent when maintenance is responsive and amenities feel worth it. Monitoring this KPI helps balance profitability with retention, ensuring growth doesn’t come at the cost of higher vacancy.
How to Track Rent Increase Acceptance Rate?
- Record total rent increase notices sent
- Track how many tenants accept without dispute
- Log negotiation or move-out responses
- Compare acceptance by property or unit type
- Review results alongside renewal rates
18. Work Order Cost per Unit
Work order cost per unit shows how much is spent on maintenance and repairs for each property or unit over time.
This KPI highlights efficiency and asset health. Rising costs may indicate aging infrastructure, reactive maintenance, or vendor pricing issues. For example, frequent emergency repairs often cost more than planned maintenance. Tracking this KPI helps identify where preventive maintenance can reduce long-term expenses and improve budget predictability for owners.
How to Track Work Order Cost per Unit?
- Sum total maintenance spend per period
- Divide by number of active units
- Separate emergency vs planned repairs
- Compare costs across properties
- Monitor trends month over month
19. Tenant Communication Response Time
Tenant communication response time measures how quickly your team replies to tenant messages, not just maintenance requests.
This includes emails, calls, and portal messages. Fast replies reduce tension, even if the solution takes time. Slow communication often leads to complaints and negative reviews. For example, acknowledging a message within a few hours can prevent escalation. This KPI reflects service culture and professionalism, which directly impacts tenant satisfaction and renewal decisions.
How to Track Response Time?
- Time-stamp incoming tenant messages
- Track first-response time, not resolution
- Use ticket or inbox management tools
- Set internal response-time benchmarks
- Review response delays weekly
💡 Further Resources:
- What To Expect From a Property Management Company?
- Should You Hire a Property Manager? 10 Questions to Ask
- Is Property Management Worth It?
Final Takeaway
Property management KPIs work best when they are tied directly to revenue and tenant experience, because both drive long-term success. Tracking everything may feel productive, but it often creates noise instead of insight. Focus on metrics that actually influence cash flow, retention, and operational efficiency, so decisions stay practical and clear. Markets change, tenant expectations shift, and costs rise, so KPIs should never stay fixed.
Reviewing and adjusting them regularly helps you stay proactive, not reactive, and keeps your business aligned with real performance.
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