A Brief Introduction to Lease-ups

For more than 20 years, Gino Canori has worked in the real estate sector at Related California. As the executive vice president of the San Francisco-based company, Gino Canori is responsible for all aspects of multifamily real estate development projects. This includes providing oversight for lease-ups.

A property lease-up is a unique type of leasing that occurs between the construction of a new apartment building and about six months to a year after the building opens. By this point, the apartment reaches stabilization, which means it has around 95 percent occupancy. The building also creates online and marketing campaigns during this time and solidifies its position in the community.

Lease-ups are challenging since they occur before the buildings finish construction or become stabilized. Trust at this point is essential since apartments lack the established brands of older buildings. Further, since the lease-ups start when the building is nearing the end of construction, there are relatively view videos and photographs of the actual community. This means clubhouses, finished properties, and amenities are mock-ups that show what the finished products will look like. With trust, tenants feel more comfortable renting these spaces based on an idea of the finished product.

The success of lease-ups also depends on the staff involved in the process. Owners want motivated staff that acts as community managers and oversees nuances and issues that tenants have. They also need maintenance staff so completed sections of the building are kept nice and functional. During the transition phase from construction to operation, word-of-mouth is crucial and brings in other tenants for lease-ups.

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Posted on Real Estate Lease-ups

Originally published at http://ginocanori.wordpress.com on October 19, 2021.