Realistic lease-up pace, concession data and when to start marketing a new community.
Do concessions speed up a lease-up?
They can help a lease-up compete, especially when nearby communities are also discounting, but they reduce effective rent, so use them deliberately and measure the result.
In NAA's 2026 Spring Leasing Preview, one CEO said properties in lease-up are leading with concessions, price cuts or both, putting significant pressure on stabilized properties nearby.
RealPage noted in 2024 that there was only about two months of concessions difference between a Class A asset and a lease-up property, so a lease-up's discount may not stand out as much as expected.
Test offers by unit type and track whether leasing pace actually improves before extending them across the community.
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How common are apartment concessions right now?
Common, though the exact share depends on whose data you use: recent reports range from about 16% of stabilized apartments to about 40% of listings on one major site.
RealPage reported that nationwide, 15.6% of stabilized apartments offered concessions in December 2025.
Zillow reported that 39.7% of rentals on its site offered a concession in June 2026, up from 35.2% a year earlier. Apartment List reported in February 2026 that 35% of properties on its site offered at least one month free.
These numbers measure different things, such as stabilized units versus all listings, so compare like with like and check your own submarket.
How big are typical apartment concessions?
RealPage reported an average December 2025 discount of 10.5%, and one operator told NAA high-delivery markets are seeing concessions of, for example, one to two months.
RealPage said the average December discount of 10.5% held essentially steady with October and November.
In NAA's 2026 Spring Leasing Preview, one CEO said high-delivery markets are seeing higher concessions, such as one to two months.
Check your submarket. Averages hide big local differences.
Free worksheet · ExcelWhat a concession really costs
Turn weeks free into dollars, net effective rent and a cost you can compare with marketing.
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How long does a lease-up take?
It depends on size, market and competing supply, but plan conservatively: RealPage reported in 2024 that the average lease-up community was executing about 10 to 11 leases per month.
Simple math: at 10 to 11 leases per month, a 300-unit community would need more than two years to lease every unit. Your actual pace depends on pricing, location and competition.
RealPage also noted that market-level demand can look strong while individual properties see fewer leases than expected, because new supply splits the demand.
Build your marketing plan and budget around a realistic monthly lease target, and update it as actual pace comes in.
Free worksheet · ExcelLease-up pace planner
How many leases a month it takes to hit your occupancy target by your date, and the gap from today's pace.
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How quickly are new apartments being rented after completion?
Less than half within three months: Census data reported by NAHB shows 49% of apartments completed in the fourth quarter of 2025 were absorbed within three months.
NAHB noted this was the sixth straight quarter below 50%.
This is a national average across new buildings, so local results vary.
Use it as a reality check when an owner expects a very fast lease-up.
When should we start marketing a new apartment community?
Start well before the first units are ready, so you build a website, interest list, Google presence and search history before move-ins begin; there is no single proven number of months.
We did not find a primary source with a reliable rule for how many months ahead to start, so we do not give one. Results vary by market and building size.
A new community has no name recognition at first. One marketing leader told NAA their best new-development results came from featured listings plus search and social ads with retargeting.
Early steps could include a coming-soon website with an interest form, social profiles, and a Google Business Profile once you can meet Google's guidelines for a real location.
Free worksheet · ExcelLease-up pace planner
How many leases a month it takes to hit your occupancy target by your date, and the gap from today's pace.
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What is pre-leasing, and how should we approach it?
Pre-leasing means signing leases before units are finished, using renderings, a model or a leasing center to start building occupancy early.
We did not find a primary source with reliable pre-leasing benchmarks, so this answer gives practical guidance only. Results vary.
Be precise about move-in dates and what happens if construction is delayed. Clear communication protects reviews later.
Capture interest early with a waitlist, and stay in touch so those renters do not sign elsewhere while they wait.
Free worksheet · ExcelLease-up pace planner
How many leases a month it takes to hit your occupancy target by your date, and the gap from today's pace.
Get it free
How does a nearby lease-up affect a stabilized property?
A nearby lease-up can put pressure on your pricing and leasing, because lease-ups often lead with concessions or price cuts.
In NAA's 2026 Spring Leasing Preview, one CEO said properties in lease-up are leading with concessions, price cuts or both, putting significant pressure on stabilized properties in the area.
Watch competitor pricing and specials weekly while a lease-up is active nearby.
Lean on what a new building cannot offer yet, such as reviews from current residents, an established community and renewal incentives.
Which marketing channels matter most in lease-up?
One operator told NAA their best new-development results came from paid visibility, because people may not yet be searching for a new community by name.
One marketing leader told NAA their best new-development results came from featured listings on listing sites partnered with search and social PPC ads that include retargeting.
Your Google Business Profile, website and early reviews matter too, because they keep working after paid campaigns end.
Track cost per lease by channel from day one so you can shift spend as the community matures.
How long are apartments taking to lease right now?
Longer than in recent years: Apartment List reported a median list-to-lease time of 41 days in January 2026, a record in its data going back to 2019.
Apartment List also reported a national vacancy rate of 7.3% in January 2026, the highest in its index going back to 2017.
Track your own days vacant by unit type. That number is often the clearest way to show an owner what slow leasing costs.
Compare against the same month last year, since leasing is seasonal in many markets.
When can a new community set up its Google Business Profile?
When you can meet Google's guidelines, which call for a real-world location and real customer-facing hours, such as an open leasing office.
Google asks businesses to provide regular customer-facing hours of operation.
Your profile must be verified for photos and videos to show.
Use your community's real name from day one, so reviews and search history build under the right name.
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