7 Best Practices for Lease-Up Marketing [2024 Guide]

A brand-new apartment building is an exciting prospect. It represents the culmination of many hours of planning, design, and construction – all aimed at creating a vibrant living space for future residents. But alongside the thrill lies a significant challenge: filling those apartments quickly and efficiently.

In 2023, we saw the most new apartments completed since the 1980s and this year is set to bring even more newly completed units to market. With that in mind, there’s never been a more critical time to have a lease-up marketing strategy in place.

In this blog, we’ve put together a guide to create your own apartment lease-up strategy to ensure you reach maximum occupancy. Here's what we'll cover:

What Is a Lease-up?

You might be wondering, “what is a lease-up property”? A lease-up property is essentially a brand new or recently renovated rental property that's actively seeking tenants to fill its vacant units.

During the lease-up period, the property team works diligently to attract and secure tenants. Their goal is to reach high occupancy levels swiftly. This process involves marketing the property, engaging potential renters, and finalizing lease agreements until the building attains stable occupancy.

What Can You Expect During the Lease-Up Process?

Launching a new property brings excitement, but also the crucial challenge of filling those units. The lease-up process requires strategic planning and adaptation. Here's what to expect during this phase:

1. Pre-Occupancy Mobilization: The pre-leasing stage involves intense preparation. Activities include finalizing construction, developing marketing collateral, and initiating lead generation through digital listings and targeted campaigns. Expect a surge in inquiries and property tours as potential residents express interest.

2. Occupancy Acceleration: As construction approaches completion and marketing efforts gain momentum, property tours become a critical strategy component. Be prepared to showcase the property's potential, even if not fully completed. Emphasize amenities, location advantages, and cultivate a sense of community for early adopters.

3. Dynamic Optimization: As occupancy rates increase, maintain flexibility. Be prepared to adjust rental incentives or pricing based on market dynamics and competitive analysis. Monitor lead generation metrics and optimize marketing expenditure towards channels with the highest ROI.

4. Vacancy Minimization: As vacancy rates decrease, prioritize conversion. Streamline the leasing process to reduce application processing times and implement superior customer service protocols to maximize lease signings.

5. Post-Stabilization Management: Upon reaching target occupancy, shift focus to retention and continuous improvement. Implement feedback mechanisms for initial tenants and address any outstanding issues. Maintain a robust online presence and positive review profile to ensure sustained tenant acquisition.

The lease-up process is an ongoing experience that requires you to constantly adapt your strategy as you go. Don't be afraid to experiment with different marketing channels and track what resonates with your target demographic.

7 Best Practices for Lease-Up Marketing

A successful apartment lease up marketing plan hinges on being able to get your property in front of the right renters. Below are the steps we’ve compiled to bolster your apartment lease up strategy.

1. Identifying Your Competitive Advantage

In a competitive multifamily landscape, differentiation is key. Before diving headfirst into marketing tactics, take a step back and identify what truly sets your lease-up property apart. This could be anything from a state-of-the-art fitness center with the latest equipment to a fully-fenced dog park, or even a coveted location steps away from trendy restaurants and shops.

Unearthing your unique selling proposition (USP) allows you to tailor your message to resonate with your target renter demographic. Millennials seeking a dynamic lifestyle might be drawn to a building with co-working spaces and rooftop social areas. Conversely, young families might prioritize on-site childcare facilities and a close proximity to parks and schools. By understanding your USP and aligning it with your target renters' needs, you create a compelling narrative that positions your property as the ideal place for them to call home.

2. Crafting a Compelling Online Presence

In today's digital age, your online presence is the cornerstone of a successful lease-up campaign. Whether you're perfecting the listing on major ILS platforms or creating your own dedicated website, here are the important elements to consider:

• Consistent Information: Ensure all information is complete, up-to-date, and consistent across all platforms (major ILS platforms, dedicated website, etc.)
• Visual Appeal: Invest in professional photography to highlight the property's best features. Consider enhancing the experience with 360-degree photos or virtual tours.
• Compelling Descriptions: Craft descriptions that highlight amenities, unique features, and the surrounding neighborhood.
• Easy Leasing: Regardless of the platform, include easy-to-find contact forms or scheduling links to simplify the leasing process.

Remember, your online presence is often a renter's first impression, so make it count with a polished, informative, and visually appealing presentation.

3. Becoming Discoverable with SEO

Potential renters are frequently turning to search engines to find their dream apartments. That's where search engine optimization (SEO) comes in. By optimizing your online presence, you can ensure your property shows up at the top of relevant searches, driving qualified leads and accelerating your lease-up timeline.

Here's how to leverage SEO for maximum impact:

• Keyword Targeting: Identify the keywords renters in your area are using. Think beyond just "apartments for rent." Target location-specific terms like "[city name] + luxury apartments," "[neighborhood name] + pet-friendly studios," or "apartments near + [landmark]."
• High Quality Content: Create informative and engaging content relevant to your target audience. This could include blog posts highlighting the neighborhood's best features, virtual tours showcasing amenities, or informative guides on navigating the lease application process.
• Website Optimization: Optimize your property website for user experience and search engines. Include clear calls to action, ensure mobile-friendliness, and integrate high-quality photos and videos of your units and amenities.
• Local Listings Management: Claim and update your property's profiles on Google My Business, Apartment List, and other relevant online directories. Ensure your listings are accurate, include captivating descriptions, and utilize high-resolution photos.
• Backlink Building: Earn backlinks to your website from local businesses, community websites, or relevant blogs. This increases your website's authority and improves search ranking.

By implementing these SEO strategies, your lease-up property will become more discoverable online, attracting qualified leads who are actively searching for apartments in your area.

4. Leveraging Social Media for Maximum Reach

Social media provides a powerful platform to connect with potential renters and build excitement around your lease-up property. However, success hinges on understanding where your target demographic spends their time online.

• Know Your Audience: Tailor your social media strategy to the platforms most frequented by your ideal renters. Young professionals may be more active on LinkedIn and Instagram, while families might gravitate towards Facebook and neighborhood-specific groups.
• Hone Your Content: Don't just bombard audiences with sales pitches. Create engaging content that showcases your property's personality and lifestyle offerings. Think high-quality photos and videos of amenities, events, or even behind-the-scenes glimpses of the construction process. Post resident testimonials (once leasing begins) to build trust and credibility.
• Target Your Advertising: Utilize the robust advertising platforms offered by popular social media channels. These platforms allow you to target specific demographics and interests, ensuring your message reaches the most qualified potential renters.

Now that we’ve discussed a number of ways to engage with potential residents online, let’s take a look at what you can do in terms of offline marketing.

5. Generating Buzz with Offline Strategies

While the digital world reigns supreme, don't underestimate the impact of well-executed offline strategies during your lease-up campaign. Below are a number of ways to make a splash in your local market:

• Eye-Catching Signage: A strategically placed sign near the property can spark curiosity and generate interest. Get creative with the design, using bold colors and captivating visuals that reflect your property's unique character. Don't forget to include your website address and a QR code, allowing for easily accessible information.
• Community Outreach: Forge strong relationships with local businesses. Explore cross-promotion opportunities, such as offering resident discounts at nearby restaurants or shops. Sponsoring local events is another great way to increase brand awareness and establish your property as a valued community partner.
• Host Open Houses & Events: Organize open houses specifically designed to showcase the property and its amenities. Consider hosting themed events or partner with local businesses to offer refreshments or activities, creating a more inviting atmosphere.
• Print Media: Develop eye-catching flyers, brochures, or postcards highlighting your property's key features and target them towards high-traffic areas frequented by your ideal renters.
• Referral Programs: Entice existing residents or satisfied leads with referral bonuses for recommending your property to their friends or family. Word-of-mouth marketing remains a powerful tool, and satisfied residents are some of your best brand ambassadors.

By taking the steps above, you'll not only capture the attention of potential renters in your immediate vicinity, but also foster a sense of connection and belonging within the surrounding community – a win-win for your lease-up marketing efforts.

6. Enticing Potential Renters with Incentives

Offering strategic incentives can significantly boost interest and convert leads into residents. Here's a couple ideas on how to leverage limited-time promotions for maximum impact:

Free Rent and Discounted Move-In Packages: Providing a month of free rent or reduced move-in fees like waived security deposits or application fees entices renters seeking immediate financial relief. This strategy works particularly well for attracting residents during slower leasing months.

Gift Cards and Tenant Appreciation Perks: Offering gift cards to local restaurants, retailers, or entertainment venues adds value beyond just the rent. Consider partnering with local businesses for exclusive discounts or memberships to further enhance the appeal.

7. Maximizing Lead Generation & Conversion

In today's fast-paced rental market, responsiveness is key. Here's how to optimize your lead generation and conversion strategies:

• Prioritize Prompt Communication: Respond to all inquiries, regardless of format, within 24 hours or sooner. A timely response demonstrates professionalism and shows potential renters you value their interest.
• Multiple Contact Channels: Provide a variety of ways for leads to reach you, including phone calls, emails, and online contact forms on your website and social media pages. Consider offering a live chat option for real-time communication.
• Streamlined Leasing Process: Simplify the application process by offering online applications with user-friendly interfaces. Allow for electronic signatures to expedite lease agreements and move tenants in quicker.

Utilizing GenAI for Maximum Efficiency

All of the strategies above are critical to achieving occupancy for a lease-up – they’re also all augmented by a significant factor when you introduce a GenAI sales agent like Lea Pro into your leasing operations. Lea Pro saves 42 hours per property per week, drives 68% more lead-to-tour conversions, and increases leads worked after-hours by 53%.

In order to get ahead of this year’s record amount of new construction hitting the market, consider boosting your lease-up marketing efforts with emotionally intelligent, conversation-driven AI.

Unlocking Your Full Potential with Apartment List

Launching a successful lease-up campaign hinges on a well-defined strategy that attracts qualified renters and converts them into satisfied residents. Don't underestimate the power of a comprehensive approach that integrates online and offline tactics to maximize your reach and create a cohesive brand experience.

Apartment List empowers you to streamline your lease-up efforts with our suite of innovative tools. Our Smart Leasing Platform matches ready-to-move renters to your properties and simplifies lead generation by automating manual tasks. Lea Pro, our free GenAI Sales Agent, proactively engages and sells to all prospects 24/7, maximizing conversions across phone, text, email, and chat. With Apartment List, you'll have the resources and technology needed to achieve a successful lease-up and build a thriving community. Get started today!