What Is a Lease-Up?
With the rapid and undying construction in Chicago and Denver, even the locals can feel like they are moving to a new city when their lease is up. As someone who had to fight time and time again to score an apartment in Chicago and then felt the same pressure to find a place out here in the Wild West, one thing is certain: Being on the apartment hunt in any major city can be daunting.
Whether you are new to town or looking for an upgrade on your next apartment, you may be overlooking the startling amount of recently developed amenity buildings glistening in the skyline. Perhaps you are overwhelmed with choice paralysis or even more wary of the potential price tag on one of these brand new units— but don’t be fooled!
“Lease-ups” are most likely holding the key to your dream apartment, and the price tag might be more realistic than you think. So what is a lease-up?
What is a lease-up?
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 is a crucial time period for the new community to fill units quickly, which also makes it your golden opportunity.
Why rent with a lease-up?
With the market holding many other options and even more properties popping up overnight, you’ll find lease-ups are willing to give you free money to ensure you rent with them — We are talking even up to 2 months free rent! If that’s not enough, some throw in additional extras like 3 months free parking, Visa giftcards, and waived move-in costs. These freebies add up. Once you factor in these concessions to calculate what you are actually paying over the year, you may be pleasantly surprised with a reasonable price. (Then, read our mini-interview series and use all that money you’re saving to spruce up your new place!)
Affordability is not the only perk a lease-up brings you; each new rental building is also striving to provide the highest standard of luxury in order to stand out from the crowd. This means state-of-the-art amenities like 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 is eager to have you move into their community, which means you typically receive a lot of personal care 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 place!
How do I find a lease-up?
Now that you know the perks of renting during lease-up, you are probably asking yourself where do I find one?
You could scan the horizon for the most recent addition, use the internet to search and sift through options, or call the leasing office of every building in town. In reality, there has to be a more efficient way, right?
That is why AptAmigo exists. It was founded by frustrated renters on a mission to end the frustration and create a better way to find apartments. Our online platform displays these buildings on our website with accurate pricing as well as up-to-date concessions these buildings are offering to renters. Not only that, but we have knowledgeable agents willing to hop on the phone with you at any time to walk you through what is available and actually in your budget – and it’s free so use us!
Our goal is to make finding that luxury apartment you didn’t know could be yours the easiest thing you’ve done this week. Once you find your dream apartment, read our mini interview with interior designer, Cait Pappas, on how to make the most of your living space.
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