A lease-up refers to the process of attracting new tenants or occupants to a property that has recently been built or renovated, or has had a high vacancy rate. It is typically used in the context of apartment buildings, office buildings, or other types of commercial real estate.
During a lease-up, property owners or management companies may offer incentives such as lowered rent, move-in specials, or other concessions to attract tenants. Marketing efforts may also be intensified to promote the property and reach potential renters.
Successful lease-up strategies often involve thorough market research, understanding of the target demographic, and effective marketing and sales tactics. The goal of a lease-up is to quickly fill vacancies and stabilize the occupancy rate of the property, which can increase cash flow and property value.
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