With the rapid and undying construction in major cities across the US, even the locals can feel like they are moving to a new city when their lease ends. We know firsthand what it feels like to fight time and time again to score an apartment in a city with a competitive rental market. Across all of our collective experience in cities across the nation, from Denver and Chicago, to Nashville and Atlanta, one certainty always holds true: apartment hunting in any major city feels daunting.
Whether you are new to town or looking for an upgrade on your next apartment, you may overlook the startling number of recently developed buildings glistening in the skyline. Perhaps choice paralysis overwhelms you, or the potential price tag on one of these brand new units scares you, but don’t be fooled. When new, empty buildings come online, developers want to fill them fast in order to begin recouping the costs of the project and start earning money, so they entice new residents with good deals.
In fact, apartment lease-ups might hold the key to your dream apartment, and the price tag might be more realistic than you’d think. But, what is a lease-up, exactly?
Related: Learn all about apartment concessions (i.e. – discounts) and how find them.
What Is a Lease-Up Property?
A rental property enters the lease-up stage during the last phases of construction. It begins when they start pre-leasing units and lasts until they reach stabilization (typically, 95% occupancy). This crucial time period for jumpstarting the new community aims at filling units quickly, which also makes it your golden opportunity.
Find Out: How Can I Get an EV Charging Station at My Apartment?
Why Rent with a Lease-Up?
With the rental market presenting so many options and even more properties popping up overnight, you’ll find buildings willing to give you great deals to ensure you rent with them — We are talking up to 2 months free rent!
If that doesn’t peak your interest, some places throw in additional extras, like 3 months of free parking, Visa gift cards, and waived move-in costs. These freebies add up. Once you factor in these concessions and calculate what you actually pay over the course of the year, you may discover a surprisingly reasonable price.
Affordability is not the only perk a lease-up brings you; each new rental building also strives to provide the highest standard of luxury in order to stand out from the crowd. This marketplace competition results in state-of-the-art amenities, such as Nest thermostats, stunning finishes, and brand new appliances (who doesn’t love a never-been-used washer and dryer?).
You’ll also see stunning community amenities, like chef’s kitchens, heated rooftop pools, in-house massages, and free fitness classes.
The cherry on top of the lease-up sundae is that the leasing staff cares about you moving into their community, which means you’ll receive a lot of personal attention as one of their first tenants. They not only want to get you in the building, they want you to love it enough to stay. Say goodbye to all of the unresponsive landlords out there, and say hello to your fabulous new community.
How Do I Find a Lease-Up?
Now that you know the perks of renting during the lease-up phase, you might be asking yourself how do I find one?
You could scan the horizon for the most recent additions, use the internet to search and sift through options, or call the leasing office of every building in town. But, (and you knew this pitch was coming, right?), there’s a better way.
AptAmigo exists to make this process easier. A few frustrated renters founded this company on a mission to end difficult and time-consuming apartment searches by creating a new service. Our online platform displays these buildings with accurate pricing as well as up-to-date concessions.
Additionally, our knowledgeable agents will hop on the phone with you at any time to walk you through the available options within your budget. Our goal is to make finding that luxury apartment you didn’t know could be yours the easiest task you complete this week. The best part? Our service is completely free to use!
Related: Read our mini-interview series with interior designers for inspiration when sprucing up your new place.
* The original version of this article was first published on September 4, 2019.
