PERQ: Apartments.com Generated Highest Conversion Among ILS Platforms

Apartments.com delivered the highest lead-to-tour and lead-to-lease conversion rates of four leading internet listing services, according to a new analysis from PERQ.

The analysis reviewed leasing performance data at over 1,000 multifamily properties from January through December 2025 and compared leads originating from Apartments.com, Zillow, Apartment List and Zumper.

Apartments.com emerged as the top-converting platform, according to PERQ.

Leads from Apartments.com converted to tours at a rate 1.4 times higher than the next-highest platform. For lead-to-lease conversion, Apartments.com converted at a rate 2.5 times higher than the second closest platform.

“When multifamily marketers evaluate advertising options, they want sources that deliver results,” said Kathy Neumann, vice president of marketing for Apartments.com. “The PERQ data shows that Apartments.com delivers in the metrics that matter most: tours and leads.”

The findings are included in PERQ’s analysis, “Apartments.com Lead Quality + the PERQ Partnership Effect.”