Examining New Construction in Your Metro

As summer kicks in and renters ramp up the search for new homes, understanding the current leasing landscape is crucial for property teams. In our previous post, Revealing Renter Preferences in Your Metro, we explored top neighborhoods and amenity preferences across various metros. This time around, we’re looking into another critical data point: lease-up activity.

What Is a Lease-Up Property?

A property is considered to be in "lease-up" when it's newly constructed or has undergone major renovations and is actively seeking residents to fill vacant units. The lease-up stage is a concentrated period where property teams focus on marketing the property, attracting renters, and signing leases to achieve occupancy goals. This phase is critical for establishing a steady income stream and ensuring the property's financial viability.

Taking a Look at Lease-Up Activity by Metro

Let's dive into lease-up activity for our ten focus metro areas. Below we’ve included the number of new apartment units currently in lease-up in their respective metro areas.

• Milwaukee: 1,200
• St. Louis: 1,500
• Chicago: 4,000
• Tampa: 4,300
• Orlando: 4,000
• Detroit: 800
• Cleveland: 1,000
• Columbus: 1,800
• Cincinnati: 800
• Kansas City: 1,000

Utilizing Lease-Up Data & Maximizing Visibility

Understanding the number of lease-up properties in a given metro area is crucial for property teams to maximize property visibility for a few key reasons:

• Gauging the Competition: A high number of lease-up properties indicates a competitive market for renters. Property teams need to be aware of this competition to develop strategies that make their property stand out.
• Informing Marketing Strategies: With data on lease-ups, property teams can focus their marketing strategies on specific neighborhoods or demographics less saturated with new options.
• Influencing Pricing Strategies: In a market crowded with lease-ups, property teams might need to be more flexible with rent prices in order to attract residents.
• Driving Urgency: A high number of lease-up properties creates a sense of urgency for property teams to fill vacancies more quickly.
• Shaping Online Presence: High-quality photos, virtual tours, and detailed descriptions become even more important in a crowded marketplace to grab attention.

Apartment List: Your Lease-Up Partner

Understanding the number of lease-up properties in your metro empowers you to tailor your marketing strategy, adjust pricing accordingly, and highlight unique features that resonate with renters.

Apartment List is your partner in navigating the competitive world of lease-ups. Leverage our Smart Leasing Platform, featuring the industry-leading GenAI leasing agent Lea Pro, to streamline your leasing process and free up your team's time to focus on what matters most – closing deals. Contact Apartment List today and unlock the power of GenAI to achieve peak performance in your lease-up efforts!