Apartment operators have long attempted to measure advertising effectiveness by dividing the number of leads against the total ad spend.  In the digital age, this has gotten both 'easier' but also more confusing.  In this Monday Metric, we cover some quick Cost Per Lead (CPL) benchmarks for apartments while also providing some caution against always optimizing to CPL. Finally, we also go a smidge off-course on the Vacation Rental industry and how it relates to us here in Property Management.