Introducing a new property is exciting as your vision for a vibrant community finally comes to fruition. According to the 2021 Survey of Construction from the Census Bureau, the average length of time to complete construction of a multifamily building after obtaining authorization is just under 18 months, which means you’ve likely been living and breathing this project for quite some time as it evolved from conception to completion.
With the construction finish line in sight, you realize it’s time to fill all those spaces to make the community come to life. That’s where you need to put together a plan to get residents out to visit your model apartments and work on getting heads in beds.
A fast, efficient lease-up is the key to achieving a sustainable stream of income and setting yourself up for future stability. Yet you also want to make sure that you’re not taking on undue risk as you aim for full occupancy.
As you launch a new property, it's essential to deploy a strategic approach that takes into account the needs and preferences of your clientele, while maximizing your property value and managing your own risk. This playbook will walk you through common challenges property owners and operators face, and strategies to create more efficient lease-ups, the foundation of a strong and profitable property.