Lease-Up

Glossary

Lease-up is the period when a new or renovated multifamily property is marketed, leased, and occupied before stabilization.

Definition

A lease-up is the period when a newly built or renovated multifamily property is being marketed and filled with its first residents. It often begins during pre-leasing, before move-in is available, and continues until the community reaches stabilized occupancy. During this phase, teams focus on building demand, signing leases, and moving residents in as quickly and smoothly as possible.

Example

A 300-unit apartment community opens in phases after construction. The operations team starts pre-leasing before the first units are ready, tracks weekly leasing velocity, adjusts marketing, and coordinates move-ins until the property reaches its target stabilized occupancy.

Why It Matters?

Lease-up performance affects early cash flow, staffing needs, marketing spend, and the timeline for reaching normal operations. For operations leaders, it is a high-pressure phase where construction timing, leasing execution, resident experience, and occupancy goals must stay closely aligned.

‹ Delinquency

Make-ready ›