TL;DR: A lease-up is a property’s initial leasing phase as apartments fill and the community works toward stable occupancy. Some buildings offer concessions during this period, but deals, amenities, and move-in readiness vary, so compare the full lease cost and confirm the terms before signing.
New apartment construction can change a city’s skyline, so even 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 may offer incentives to attract residents.
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 to find them.
What Is a Lease-Up Property?
A rental property’s lease-up is its initial leasing period as apartments fill and the community works toward stable occupancy. Pre-leasing may begin before residents can move in, and leasing can continue after the building opens. Stabilization criteria depend on the owner, lender, or financing program rather than one universal occupancy threshold.
Find Out: How Can I Get an EV Charging Station at My Apartment?
Why Rent with a Lease-Up?
Some lease-up communities offer rent concessions to attract residents while they fill apartments. Free-rent offers, when available, depend on the building, selected apartment, lease term, and other written conditions; a lease-up does not guarantee a specific discount.
Other incentives may include move-in credits, gift cards, or reduced fees, depending on the offer. Compare base rent, required charges, and the total cost over the full lease term; ask when any credit applies and what conditions you must meet.
Depending on the property, a lease-up may offer modern finishes, smart thermostats, and new appliances. Tour the actual apartment when available, and confirm its features rather than assuming every unit includes the model’s upgrades.
Community amenities vary by building. Confirm which shared kitchens, pools, fitness facilities, or other advertised spaces will be open for your move-in, and ask about any separate access fees.
Being among a new community’s first residents may give you opportunities to ask detailed questions as the building opens, but lease-up status does not guarantee responsive management. Ask how maintenance requests and construction-related questions will be handled after move-in.
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 lets you compare participating buildings, pricing, and available concessions; confirm your unit’s current quote and offer terms with the leasing office before applying.
Additionally, our knowledgeable agents can arrange a phone call or exchange text messages with you 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! Participating buildings compensate AptAmigo when we help them find a tenant; renters still pay any applicable property charges.
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.
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This article was AI-generated by AptAmigo.
