What are the Four P’s of Multifamily Performance?

The 4 P’s every multifamily team reviews when a property’s numbers start to slip are:

P	Core Question	Typical KPIs & Tactics
People	Do we have the right on-site talent, training, and incentives?	• Lead-to-lease conversion rate • Mystery-shop scores • Staff turnover / retention • Sales training, bonus plans, clear SOPs
Price	Is rent set at a level the market will absorb right now?	• Occupancy vs. true market occupancy • Effective rent per occupied unit (ERPU) • Revenue-management rules, micro-concessions • Renewal “save” offers
Product	Does the physical asset match renter expectations?	• Unit condition scores • Work-order turnaround time • Amenity utilization & Net Promoter Score • Targeted CapEx (make-ready standards, curb-appeal wins)
Promotion	Are we telling the right story in the right channels?	• Lead volume by source • Cost per lease • Digital ad click-through & engagement • Refresh creative, optimize ILS spend, community events

Example of how it's used in conversation: “When leasing begins to lag, we reevaluate the four P’s—people, price, product, and promotion—to determine what’s working and what isn’t.”

Property-management operators widely teach the same framework: People, Price, Promotion, and Product.

How to use the framework

Audit each P separately, then together. A top-tier team can’t overcome an outdated unit mix, and a perfect product won’t move if rents are 10 % over market.
Set leading and lagging metrics. For example, mystery-shop scores (leading) often foreshadow occupancy changes (lagging).
Run weekly stand-ups. Walk through People–Price–Product–Promotion in that order; assign one “owner” per P, with a single measurable action to report next week.
Iterate fast, measure, repeat. Small rent tweaks, creative refreshes, or targeted CapEx often produce measurable lift within one leasing cycle.

What are the Four P’s of Multifamily Performance?

How to use the framework

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