with municipal water and sewer prices the way they are, there is no such thing as an insignificant leak. The only difference is if you are throwing pennies or dimes out the window.
Dave Ver Sluis is right tho. I think you have to look at what your best investments are, and I have always thought that in these instances, I'd rather rent a piece of equipment or hire someone than own a piece of equipment that sits unused most of the time.
I'm getting ready to hook into city water and abandon my well. For liability, resale and tenants quality of life reasons, I have been looking forward to doing this for years. There are now some programs out there that should finally make it doable. I'll be making a big investment into submetering my lots, but by reading their usage and subtracting it from master metering, I will be able for the first time to really see if the small leaks are costing me.
Big leaks, as someone said are pretty easy to find....you'll have places that are alway damp or have water standing. Take advantage whenever you have a stretch of dry weather to take a walk around and look for green patches among the brown..that grass is getting watered somehow!
If I had it to do all over again, I would really question the standard location of shut offs at the bottom of crocks under the homes....every park I've ever owned has been set up this way, and there is nothing worse than crawling under a flooded home in February and jamming your arm through freezing water to shut off a valve when a heat tape freezes....I think if there is any way to isolate individual lot for shut off and sewer clean outs, that's where to spend the money.