Define "occupancy rate."

The definition of "occupancy rate" is accurately captured by stating it as the percentage of leased units compared to the total available units. This metric is crucial in the property management field, as it provides insight into how well a property is performing in terms of attracting and retaining tenants. A high occupancy rate typically indicates a strong demand for the units, suggesting effective leasing strategies and a desirable living environment.

In contrast, the average length of tenancy relates more to tenant retention rather than occupancy levels. The total number of unit viewings in a month is a measure of interest in available units but does not directly reflect how many are leased. Lastly, total income generated from rent focuses on revenue rather than occupancy status. Together, these elements contribute to understanding a property’s performance, but the occupancy rate specifically measures leasing effectiveness.