Glossary term
Lease-Up
Lease-up is the period when a new or newly renovated property fills its units for the first time, from first move-in to stabilized occupancy.
Lease-up begins when units are first available and ends when the property reaches stable occupancy, often around 90 to 95 percent. It applies to new construction and to buildings that were emptied for a major renovation.
During lease-up, the property earns less than it spends, so owners budget for the gap. Managers often use concessions, introductory pricing and strong marketing to speed it along.
The speed of lease-up depends on absorption in the market, pricing, the quality of the product and the marketing plan.
Need someone who lives in these numbers?
We manage, model and report on multifamily every day. Tell us about your property.