24 Pricing, Occupancy & Rent Math Practice Questions & Answers

1. 1. A community has 288 apartment homes. On the last day of the month, 262 homes are occupied, 9 of those residents have given notice to vacate, and 5 vacant homes are already leased for move-in next month. What is the physical occupancy?

   • A.92.7 percent, from 267 homes including the 5 future leases, divided by 288
   • B.91.0 percent, from the 262 occupied homes divided by the 288 total homes✓ Answer
   • C.89.6 percent, from 258 homes after notices and future leases, divided by 288
   • D.87.8 percent, from 253 homes after removing the 9 notices, divided by 288

   Physical occupancy counts only two inputs: homes occupied today divided by total homes, so 262/288 = 91.0 percent. Notices to vacate and future leases change the leased (pre-leased) percentage, not the physical percentage, because the resident is still living in the home on the day of the count.

   Source: NAAEI Certified Apartment Leasing Professional (CALP) Quick Guide to Terms and Formulas — physical occupancy = occupied units / total unitsReport a problem with this question

2. 2. A 340-home community has 318 homes occupied. Twelve residents have given notice to vacate and 5 of those homes are already leased to new residents. Nine vacant homes are also leased for future move-in. What is the leased (pre-leased) occupancy?

   • A.97.6 percent, from 332 homes, adding the future leases without subtracting notices
   • B.91.5 percent, from 311 homes, subtracting the notices without adding future leases
   • C.94.1 percent, from 320 homes, subtracting 12 notices and adding 5 and 9 leases✓ Answer
   • D.93.5 percent, from the 318 homes occupied today divided by the 340 total homes

   Percent leased starts from occupied homes, subtracts homes on notice, then adds back the homes on notice already re-leased and the vacant homes leased for future move-in: 318 - 12 + 5 + 9 = 320, and 320/340 = 94.1 percent. The measure is meant to show where occupancy is heading, so every signed future lease belongs in the numerator.

   Source: NAAEI CALP Quick Guide to Terms and Formulas — percent leased formulaReport a problem with this question

3. 3. For the month a community's gross potential rent is $512,400. Rent lost to vacant homes is $28,600, concessions granted total $19,300, and discounted employee and model homes account for $4,100. The rent revenue actually collected is the remainder. What is the economic occupancy?

   • A.111.3 percent, from $512,400 divided by the $460,400 that was actually collected
   • B.89.9 percent, from $460,400 collected divided by $512,400 of gross potential rent✓ Answer
   • C.94.4 percent, from $483,800, deducting only the rent lost to the vacant homes
   • D.90.7 percent, from $464,500, deducting vacancy and concessions but not the discounts

   Economic occupancy is rent revenue collected divided by gross potential rent. Every reduction named in the stem comes out first: $512,400 - $28,600 - $19,300 - $4,100 = $460,400, and $460,400/$512,400 = 89.9 percent. The ratio measures how much of the scheduled rent the community actually turned into revenue.

   Source: NAAEI CALP Quick Guide to Terms and Formulas — economic occupancy = total rent revenue collected / gross potential rentReport a problem with this question

4. 4. A community reports 96 percent physical occupancy for the month but 84 percent economic occupancy. What does the 12-point gap tell the leasing team?

   • A.Occupied homes are collecting less than market rent, because concessions, discounts and unpaid rent reduce collections.✓ Answer
   • B.Expiring leases explain the whole gap, because economic occupancy removes homes on notice from collected rent.
   • C.Vacant homes explain the whole gap, because economic occupancy counts vacancy loss and physical occupancy ignores it.
   • D.Occupied homes are collecting more than market rent, because parking and pet charges are counted as rent revenue.

   Physical occupancy counts bodies in homes while economic occupancy counts dollars against gross potential rent, so a wide gap means the occupied homes are not producing their scheduled rents. Concessions, employee or model discounts and uncollected rent all cut collections without emptying a single home.

   Source: NAAEI CALP Quick Guide to Terms and Formulas — physical occupancy and economic occupancy definitionsReport a problem with this question

5. 5. A 456-home community averaged 17 move-outs and 21 move-ins per month over the past 12 months. What is the annual turnover rate?

   • A.55.3 percent, from the 252 move-ins for the year divided by the 456 homes
   • B.44.7 percent, from the 204 move-outs for the year divided by the 456 homes✓ Answer
   • C.100.0 percent, from the 456 combined moves for the year divided by 456 homes
   • D.3.7 percent, from the 17 move-outs in a single month divided by the 456 homes

   Turnover measures how many homes had to be re-leased, so it uses move-outs only, annualized: 17 x 12 = 204, and 204/456 = 44.7 percent. Move-ins are supplied as bait; they describe leasing production, not the loss of residents the turnover figure is meant to size.

   Source: NAAEI CALP Quick Guide to Terms and Formulas — turnover = move-outs / total unitsReport a problem with this question

6. 6. A 620-home community finished the year with a 45 percent turnover rate. How many homes were vacated by residents moving out during that year?

   • A.23 homes, dividing the annual result by the 12 months in the year
   • B.1,378 homes, dividing the 620 homes by the 45 percent turnover rate
   • C.341 homes, applying the 55 percent of homes that did not turn over
   • D.279 homes, multiplying the 620 homes by the 45 percent turnover rate✓ Answer

   Turnover is move-outs divided by total homes, so reversing it multiplies instead of dividing: 620 x 0.45 = 279 move-outs for the year. The 55 percent figure describes the homes that did not turn over, and dividing by the rate inflates the count beyond the size of the community.

   Source: NAAEI CALP Quick Guide to Terms and Formulas — turnover = move-outs / total unitsReport a problem with this question

7. 7. A 300-home community has 18 vacant homes, 6 of which are leased for future move-in, and 11 residents on notice to vacate, 3 of whose homes are already re-leased. What is the exposure, meaning the share of homes that are or soon will be available and are not yet leased?

   • A.9.7 percent, from all 18 vacant homes plus all 11 notices, over the 300 homes
   • B.4.0 percent, from the 12 unleased vacant homes alone, over the 300 total homes
   • C.6.7 percent, from 12 unleased vacants plus 8 unleased notices, over the 300 homes✓ Answer
   • D.3.7 percent, from the 11 homes on notice alone, divided by the 300 total homes

   Exposure counts inventory the team still has to lease, so homes already committed drop out: (18 - 6) + (11 - 3) = 20 homes, and 20/300 = 6.7 percent. Counting every vacant and every notice overstates the work ahead, while counting only one of the two groups hides part of the upcoming availability.

   Source: NAAEI CALP Exam Blueprint, Leasing Essentials — calculate various types of occupancy metrics (availability and exposure)Report a problem with this question

8. 8. At a community, physical occupancy is 95 percent while leased occupancy is 90 percent. What does that relationship signal to the leasing team?

   • A.Occupied homes are on notice or expiring without renewal, so the coming vacancy needs pre-leasing now.✓ Answer
   • B.In-place rents sit below market, so the pricing system will raise the rents quoted on vacant homes.
   • C.More homes are leased for future move-in than are occupied today, so traffic should be slowed.
   • D.Collections are running behind billing, so the team should concentrate on delinquent resident accounts.

   Leased occupancy falls below physical occupancy only when occupied homes have notices or unrenewed expirations that are not yet re-leased, since those homes are subtracted from the leased numerator while still counting as occupied. The gap is a pre-leasing workload, not a sign of strength.

   Source: NAAEI CALP Quick Guide to Terms and Formulas — percent leased compared with physical occupancyReport a problem with this question

9. 9. A community's rent schedule lists 24 homes at a $1,150 market rent, 40 homes at $1,395, and 16 homes at $1,720. What is the monthly gross potential rent?

   • A.$1,331,040, multiplying each market rent by its home count and by the year
   • B.$110,920, multiplying each market rent by its home count and adding the three✓ Answer
   • C.$113,733, applying the average of the three market rents to all 80 homes
   • D.$83,400, adding the two largest floor plan groups shown on the rent schedule

   Gross potential rent is the rent schedule multiplied out: 24 x $1,150 + 40 x $1,395 + 16 x $1,720 = $27,600 + $55,800 + $27,520 = $110,920 per month. Averaging the three posted rates ignores how many homes carry each rate, and gross potential rent is stated for the period asked, here one month.

   Source: NAAEI CALP Quick Guide to Terms and Formulas — rent schedule and gross potential rentReport a problem with this question

10. 10. All 80 homes at a community are occupied. Market rents on the rent schedule total $110,920 for the month, while the rents written into the current leases total $106,480. What is the loss to lease, and what does it represent?

    • A.$106,480, the total rent in place, which is the figure loss to lease is meant to report
    • B.$4,440, the rent given up while those homes sat vacant before they were leased again
    • C.$4,440, the gap between the scheduled market rents and the lower in-place lease rents✓ Answer
    • D.$4,440, the concession dollars granted to the residents who signed leases in the month

    Loss to lease is market rent minus the rent actually written into the leases on occupied homes: $110,920 - $106,480 = $4,440. It exists because leases were signed at earlier or negotiated rates and it is separate from vacancy loss, which requires an empty home, and from concessions, which are a stated discount off the quoted rate.

    Source: NAAEI CALP Exam Blueprint, Leasing Essentials — rent components and related calculations (loss to lease)Report a problem with this question

11. 11. A 200-home community carries a $1,300 market rent on every home. Eleven homes were vacant for the entire month. What is the vacancy loss for the month in dollars and as a share of gross potential rent?

    • A.$245,700, which is 94.5 percent of the $260,000 of gross potential rent
    • B.$1,300, which is 0.5 percent of the $260,000 of gross potential rent
    • C.$14,300, which is 11.0 percent of the $260,000 of gross potential rent
    • D.$14,300, which is 5.5 percent of the $260,000 of gross potential rent✓ Answer

    Vacancy loss is the market rent of the homes that produced nothing: 11 x $1,300 = $14,300, measured against gross potential rent of 200 x $1,300 = $260,000, which is 5.5 percent. The 11.0 percent answer confuses the count of vacant homes with a percentage, and 11 of 200 homes is 5.5 percent of the community.

    Source: NAAEI CALP Exam Blueprint, Leasing Essentials — rent components and related calculations (vacancy loss)Report a problem with this question

12. 12. A home is quoted at a $1,440 market rent on a 14-month lease with two months of free rent. What is the net effective monthly rent over that term?

    • A.$1,234.29, spreading 12 months of paid rent across all 14 months of the term✓ Answer
    • B.$1,200.00, spreading the two free months across a standard 12-month lease term
    • C.$1,131.43, spreading three months of free rent across the 14 months of the term
    • D.$1,440.00, because free rent is a marketing cost and does not change the rent charged

    Net effective rent spreads the concession across the actual lease term: the resident pays 12 months at $1,440, or $17,280, over 14 months, giving $1,234.29 a month. Using a 12-month divisor when the lease runs 14 months understates the effective rent, and free rent does reduce it because it reduces what the community collects.

    Source: NAAEI CALP Quick Guide to Terms and Formulas — effective (net) rent = market rent reduced by concessions over the lease termReport a problem with this question

13. 13. A resident moves in on the 18th day of a 30-day month at a $1,290 monthly rent, and rent is prorated on the number of days in that month. What does the resident owe for the partial first month?

    • A.$645.00, charging half a month because the move-in falls in the second half
    • B.$559.00, charging 13 days at the $43.00 daily rate for the partial month✓ Answer
    • C.$540.97, charging 13 days at a daily rate built on a 31-day divisor
    • D.$516.00, charging 12 days at the $43.00 daily rate for the partial month

    The daily rate is the monthly rent divided by the days in that month, $1,290/30 = $43.00, and the resident occupies the home from the 18th through the 30th, which is 13 days including the move-in day: 13 x $43.00 = $559.00. Counting 12 days drops the move-in day, and a 31-day divisor does not match the month billed.

    Source: NAAEI CALP Exam Blueprint, Leasing Essentials — rent components and related calculations (prorated rent)Report a problem with this question

14. 14. In one month a community collects $246,800 in rent plus $3,150 in pet rent, $4,600 in parking, $980 in late fees, $1,240 in application and administrative fees, and $8,700 in utility reimbursements. How should the non-rent collections be reported?

    • A.$265,470 of other income, combining rent collected with every additional charge
    • B.$18,670 of other income, added to collected rent in the economic occupancy ratio
    • C.$7,750 of other income, counting only the recurring pet and parking charges
    • D.$18,670 of other income, kept out of the rent revenue used for economic occupancy✓ Answer

    Other income is every non-rent collection: $3,150 + $4,600 + $980 + $1,240 + $8,700 = $18,670. It is reported apart from rent because economic occupancy compares rent revenue with gross potential rent, and folding other income into the numerator would inflate the ratio above what the rent schedule can produce.

    Source: NAAEI CALP Quick Guide to Terms and Formulas — other income and economic occupancyReport a problem with this question

15. 15. A community has 40 homes of 700 square feet renting at $1,120, 20 homes of 1,000 square feet at $1,400, and 12 homes of 1,300 square feet at $1,560. What is the community's average rent per square foot?

    • A.$1.60, the rate carried by the floor plan with the highest rent per square foot
    • B.$1.40, the simple average of the three floor plans' rent per square foot rates
    • C.$1.44, the $91,520 of total monthly market rent divided by the 63,600 square feet✓ Answer
    • D.$0.69, the 63,600 square feet divided by the $91,520 of total monthly market rent

    A community average rent per square foot is weighted by how many homes carry each plan: total rent of $44,800 + $28,000 + $18,720 = $91,520 divided by total area of 28,000 + 20,000 + 15,600 = 63,600 square feet, which is $1.44. Averaging the three plan rates gives every plan equal weight even though the smallest plan holds more than half the homes.

    Source: NAAEI CALP Quick Guide to Terms and Formulas — rent per square foot and unit mixReport a problem with this question

16. 16. A leasing consultant worked with 46 qualified visits during the month and signed 13 leases. What is that consultant's closing ratio?

    • A.22.0 percent, from the 13 leases divided by the 59 visits and leases combined
    • B.354 percent, from the 46 qualified visits divided by the 13 leases signed
    • C.28.3 percent, from the 13 leases signed divided by the 46 qualified visits✓ Answer
    • D.71.7 percent, from the 33 visits that did not lease, divided by the 46 visits

    Closing ratio is leases divided by traffic: 13/46 = 28.3 percent. Traffic is the denominator because it is the opportunity the consultant was given, and leases already sit inside that traffic count, so adding them to the denominator double counts the same prospects.

    Source: NAAEI CALP Exam Blueprint, Marketing — interpret lead tracking and lead ratios (closing ratio)Report a problem with this question

17. 17. Three consultants each worked their own traffic for the month: one closed 20 leases from 40 visits, one closed 6 from 30 visits, and one closed 8 from 20 visits. What is the team's closing ratio?

    • A.37.8 percent, the 34 leases the team signed divided by its 90 total visits✓ Answer
    • B.62.2 percent, the 56 visits that did not lease divided by the 90 total visits
    • C.36.7 percent, the average of the three consultants' individual closing ratios
    • D.50.0 percent, the ratio posted by the strongest closer, read as the team rate

    A team closing ratio pools the numerators and denominators: 34 leases from 90 visits is 37.8 percent. Averaging the three individual rates weights a consultant who saw 20 visits the same as one who saw 40, so it answers a different question than how the team converted the traffic it received.

    Source: NAAEI CALP Exam Blueprint, Marketing — interpret lead tracking and lead ratios (closing ratio)Report a problem with this question

18. 18. Last month one marketing source cost $1,150 and produced 46 visits, a second cost $960 and produced 24 visits, and a third cost $1,540 and produced 55 visits. Which source produced traffic at the lowest cost, and at what rate?

    • A.The third source, at $28.00 per visit, because it produced the most visits
    • B.All three, at $29.20 per visit, blending total spend across the total traffic
    • C.The second source, at $40.00 per visit, because it required the least spending
    • D.The first source, at $25.00 per visit, the lowest cost per visit of the three✓ Answer

    Cost per traffic is computed source by source: $1,150/46 = $25.00, $960/24 = $40.00 and $1,540/55 = $28.00, so the first source is the most efficient. Total spend and total visits describe the size of a source, not its efficiency, and blending everything into one rate hides which source to keep funding.

    Source: NAAEI CALP Exam Blueprint, Marketing — measure performance against the marketing plan (cost per traffic by source)Report a problem with this question

19. 19. The leasing office logged 210 inquiries by phone, email and web in one month. Of those prospects, 63 toured the community and 21 signed leases. What is the lead-to-lease ratio?

    • A.10.0 percent, from the 21 leases divided by the 210 inquiries that were logged✓ Answer
    • B.30.0 percent, from the 63 prospects who toured divided by the 210 inquiries
    • C.7.7 percent, from the 21 leases divided by the 273 inquiries and tours added
    • D.33.3 percent, from the 21 leases divided by the 63 prospects who toured

    The lead-to-lease ratio measures the whole funnel, so it divides leases by the leads that entered it: 21/210 = 10.0 percent. Leases divided by tours is the closing ratio and tours divided by leads is the lead-to-tour ratio, and each isolates a different step, so the three cannot be substituted for one another.

    Source: NAAEI CALP Exam Blueprint, Marketing — interpret lead tracking and lead ratiosReport a problem with this question

20. 20. Two 250-home communities are compared for the month. One is 96 percent occupied at an average collected rent of $1,105; the other is 90 percent occupied at $1,205. Which produces more rent revenue for the month?

    • A.The first, at $265,200, because occupancy drives rent revenue more than the rate does
    • B.The second, at $301,250, because potential rent counts all 250 homes at the rate
    • C.The second, at $271,125, because the higher rent outweighs six points of occupancy✓ Answer
    • D.The first, at $276,250, because potential rent counts all 250 homes at the rate

    Rent revenue is occupied homes times the rent actually collected: 240 x $1,105 = $265,200 against 225 x $1,205 = $271,125, so the fuller community earns $5,925 less. Occupancy alone does not measure financial performance, which is why a community that holds rate can outperform one that fills up on discounts.

    Source: NAAEI CALP Exam Blueprint, Administrative and Legal Responsibilities — maximize revenue consistent with property financial goalsReport a problem with this question

21. 21. How does an automated revenue management system arrive at today's quoted rent for a floor plan?

    • A.It weighs current availability, upcoming expirations and demand, and reprices daily.✓ Answer
    • B.It applies a fixed rent card set for each floor plan at the start of the year and holds it.
    • C.It matches the lowest advertised rent found among the competing communities each week.
    • D.It divides the property's revenue target by the number of homes to set every rent.

    Revenue management pricing runs from a database that forecasts supply and demand for the specific floor plan, reading current availability, exposure, upcoming lease expirations and recent leasing velocity to set a rent that maximizes return. Because those inputs move every day, the quoted rent can change day to day rather than sitting on an annual rent card.

    Source: NAAEI CALP Exam Blueprint, Leasing Essentials — understand the automated pricing revenue method and its impactReport a problem with this question

22. 22. A prospect returns four days after a tour and asks for the rent quoted that day; the pricing system now shows a higher rent for that home. What should the leasing consultant do?

    • A.Honor the earlier quote, since a rate given during a tour binds the community to the prospect who heard it.
    • B.Quote the current rate, explain that pricing moves with availability, and take any exception to the manager.✓ Answer
    • C.Offer a concession that covers the difference, since concessions are the consultant's tool for holding a rate.
    • D.Quote the earlier rate on a shorter lease term, since short terms carry the older pricing inside the system.

    Quotes carry an expiration because the pricing system reprices as availability, expirations and demand change, so the consultant re-runs the quote and presents what the system shows today. Concessions and lease terms are priced by the same system, which is why any departure from the quoted rate is a decision for the property manager rather than the consultant.

    Source: NAAEI CALP Exam Blueprint, Leasing Essentials — understand the automated pricing revenue method and its impactReport a problem with this question

23. 23. A home has a $1,320 market rent. A prospect can take one month free on a 12-month lease or pay $1,210 a month for 12 months. How do the two offers compare?

    • A.They cannot be compared; free rent is a marketing expense while the lower rate changes rent.
    • B.The lower rate is worth more; it totals $14,520 against $15,840 for the free month offer.
    • C.The free month is worth more; it totals $15,840 of rent against $14,520 for the lower rate.
    • D.They are equal; each totals $14,520 over the term and an effective rent of $1,210 a month.✓ Answer

    A concession taken as a lump sum and the same concession prorated produce identical totals: 11 months x $1,320 = $14,520 and 12 months x $1,210 = $14,520, an effective rent of $1,210 either way. The choice therefore turns on cash flow timing for the resident, not on the value of the lease to the community.

    Source: NAAEI CALP Quick Guide to Terms and Formulas — rental concessions and effective rentReport a problem with this question

24. 24. At one community a 640-square-foot home rents for $1,120 and a 1,150-square-foot home rents for $1,610. Which statement about the two homes is correct?

    • A.The smaller home, at $1.75 per square foot, therefore also produces the larger total rent.
    • B.The two homes rent for the same amount per square foot, about $1.55, once size is factored.
    • C.The larger home, at $1.40 per square foot, carries both the higher rate and the higher rent.
    • D.The smaller home, at $1.75 per square foot, carries the higher rate but the lower total rent.✓ Answer

    Rent per square foot is monthly rent divided by area: $1,120/640 = $1.75 and $1,610/1,150 = $1.40. Smaller homes usually carry the higher rate per square foot because the fixed value of a kitchen and bath is spread over less area, so a higher rate per square foot does not mean a higher total rent.

    Source: NAAEI CALP Quick Guide to Terms and Formulas — rent per square footReport a problem with this question

Practice questions only — not real exam items, and not affiliated with or endorsed by the National Apartment Association or NAAEI. Questions are written to the domains and tasks of the published CALP Exam Blueprint. This bank covers the leasing consultant's own work; the property-manager credential and the maintenance technician credential are separate banks on this site. Landlord-tenant law — notice periods, deposit limits and return deadlines, entry rules, fees and eviction procedure — is set by each state and often by each city, and is deliberately out of scope here; fair housing is covered at the federal level, and your state or city may protect additional classes. Exam format, eligibility, and scoring are set by NAAEI and change from time to time; confirm the current requirements before you register. Official CALP exam blueprint →