# What Is a Lease-Up Apartment? Stages and Specials > A lease-up building has its Certificate of Occupancy and is filling its first units. How it differs from pre-leasing and stabilized. URL: https://newapartmentsaustin.com/guides/what-is-a-lease-up-apartment/ Last-Modified: 2026-10-25 Guide · Lease-Ups # What Is a Lease-Up Apartment? A lease-up building has its Certificate of Occupancy and is filling its first units. How lease-up differs from pre-leasing and stabilized, and why specials run deepest. Written by New Austin Apartment Team [/about/#new-austin-apartment-team →](/about/#new-austin-apartment-team) · Reviewed by the team, Spirit Real Estate Group, LLC · Updated October 25, 2026 · 5 min read - Free to you, and your rent is the same either way - 144 new communities tracked (as of Oct 25, 2026) - Prices pulled every morning ![Newly opened apartment building with a leasing banner in Austin](/images/featured/newly-opened-limestone-and-glass-apartment-buildin.webp) - Licensed Texas brokerage Spirit Real Estate Group, LLC, TREC #562021 - Free to renters Communities pay the brokerage. Your rent is the same either way. - Prices pulled every morning Every card shows the date and time it was pulled - Score can't be bought Commission rates never affect score, sort, placement, or picks ## What does “lease-up” mean? A lease-up apartment building is a newly built community that has received its Certificate of Occupancy and is filling its units for the first time. It’s open, people are moving in, and the leasing team is working to reach a stable occupancy. For you, that usually means a brand-new unit and a deeper special: on Oct 25, 2026, 75% of communities on our board offered 8 or more weeks free. Our lease-up apartments in Austin [/lease-up-apartments/ →](/lease-up-apartments/) page lists open buildings by stage and fill estimate. ![Stage diagram: pre-leasing, lease-up, first 24 months, stabilized](/images/content/stage-diagram-pre-leasing-lease-up-first-24-months.webp) ## The four stages of a new building | Stage | What’s happening | What it means for you | | --- | --- | --- | | Pre-leasing | Signing before first move-in, often from floor plans | Pre-lease specials; delivery date risk | | Lease-up | Certificate of Occupancy issued; first residents moving in | Often the deepest specials; some amenities may be unfinished | | First 24 months | Filling the last units or recently stabilized | Smaller specials; most amenities open | | Stabilized | Typically around 90% or more occupied | Pricing steadier; out of our board’s scope after 24 months | Our board covers ground-up buildings with first move-ins from 2024 to 2027, in pre-leasing, lease-up, or their first 24 months. Renovations, conversions, and renamed older buildings are out. ## Why are specials deepest during lease-up? Empty units earn nothing, and a new building starts nearly empty. Owners and lenders want the building to reach stable occupancy, so communities use concessions to speed up leasing. Revenue management pricing adjusts daily based on how fast units are leasing. As the building fills, specials usually shrink. Our guide on how specials change as a building fills [/guides/how-specials-change-as-building-fills/ →](/guides/how-specials-change-as-building-fills/) explains the fill curve. > **What it means for you** > > A lease-up special lowers year one. Year two prices from base rent, so compare the base as carefully as the special. ## What is a Certificate of Occupancy? A Certificate of Occupancy (CO) is issued by the city or county when a building meets code for people to live in it. Some buildings open floor by floor on a temporary certificate of occupancy before the full CO. A CO doesn’t mean every amenity is finished; pools, gyms, and later phases can open after the first move-ins. ## What to ask at a lease-up building - **What’s finished?** Pool, gym, garage, dog park, and the second phase if there is one. - **What’s the construction schedule?** Noise hours and expected completion next door. - **How full is it?** The community’s percent leased, which we track as a fill estimate. - **Is the special in writing?** With its end date and minimum lease term. See moving into a building that’s still finishing [/guides/moving-into-building-still-finishing/ →](/guides/moving-into-building-still-finishing/) for a fuller checklist. ## Lease-up vs. pre-leasing If a building isn’t open yet, it’s pre-leasing. You sign before first move-in and accept some delivery risk in exchange for a brand-new unit and, often, a pre-lease special. See pre-leasing buildings [/opening-soon/ →](/opening-soon/) for opening dates we confirmed within 30 days. Learn more about Lease-Ups Open buildings in lease-up or their first 24 months, sorted by stage and fill estimate, with what's finished confirmed in writing. Open Lease-Ups [/lease-up-apartments/ →](/lease-up-apartments/) Why it goes wrong ## What goes wrong at a building that's still filling Problem 1 ### The amenities aren't open yet A pool, gym, or garage can open months after the first move-ins. The listing often shows the finished rendering, not the date it opens. Problem 2 ### Construction continues next door Phased projects keep building after phase one fills. Noise hours, dust, and parking changes can run through your first lease. Problem 3 ### Small defects show up early New units often need caulk, door, appliance, or HVAC balancing fixes in the first weeks. Without a written punch list, they wait. So we confirm amenity open dates and construction status in writing, and send a punch list at day 7 and day 30. Straight answers ## Questions about this topic Direct answer first, then the source and date. If your question isn't here, ask us on the form or by text. ### How long does lease-up last? Until the building stabilizes, often around 90% occupancy. That can take a year or more depending on size and the market. Our board tracks lease-ups and buildings in their first 24 months. ### Are lease-up specials bigger? Usually. On Oct 25, 2026, 75% of board communities offered 8 or more weeks free, and the median was 10.8 weeks. ### Is it risky to move into a lease-up building? The main tradeoffs are unfinished amenities, construction nearby, and early maintenance items. We confirm what's finished in writing and help with a punch list at day 7 and day 30. ### Can you guarantee a price or approval? No. The community sets both. Keep reading ## More guides on this topic ![Partly occupied new apartment facade at dusk with some windows lit](/images/featured/partly-occupied-new-apartment-facade-at-dusk-with-.webp) ### How Specials Change as a New Building Fills Fill rate and revenue management pricing drive special depth. How to read the fill curve and price history, and when to sign during a lease-up. [How Specials Change as a New Building Fills →](/guides/how-specials-change-as-building-fills/) ![Quiet new apartment bedroom with oak floors and a large window](/images/featured/quiet-new-apartment-bedroom-with-oak-floors-and-a-.webp) ### Are New Apartments Soundproof? What STC and IIC 50 Mean The 2024 IBC sets STC and IIC 50 as the minimum between units. What the ratings mean, how building types differ, and what to test on a tour. [Are New Apartments Soundproof? What STC and IIC 50 Mean →](/guides/are-new-apartments-soundproof/) The 60-second form ## Tell us what you need. We make the calls. You don't have time to call 20 leasing offices. We do, and confirm the unit, the special, and the written fee sheet the same day during hours. 1. 1 Same day We call or text during hours with a shortlist plan. 2. 2 In writing Unit, special, end date, and fee sheet confirmed before you tour. 3. 3 Year two shown Every pick shows year two at 0% and +3%, plus a 24-month total. Prefer to talk? Call or text 512-000-000 [tel:+1512000000 →](tel:+1512000000) , Mon-Fri 8 AM-8 PM · Sat 9 AM-6 PM · Sun 12-5 PM. Free, same day during hours ## Get my shortlist Step 1 of 3 ### Thanks, we have your details. We'll call or text the same day during hours with your shortlist plan. Related pages ## Related board views Board view ### Lease-Ups Buildings already open and filling, sorted by stage and fill estimate, with what's finished and what the special does to your monthly cost. Open Lease-Ups→ [/lease-up-apartments/ →](/lease-up-apartments/) Board view ### New Build Board Every in-scope community on one map, with base rent, the special, net effective, true monthly, and year two pulled every morning. Open New Build Board→ [/new-construction-apartments/ →](/new-construction-apartments/) Board view ### Specials Specials confirmed within the last 7 days, each decoded to net effective and year two, with base rent shown beside every discount. Open Specials→ [/apartment-specials/ →](/apartment-specials/) ![](/images/misc/dusk-view-of-new-limestone-and-glass-apartment-tow.webp) Free to you, and your rent is the same either way ## You don't have time to call 20 leasing offices. We do. Send us your move date and all-in budget. We confirm the unit, the special, and the written fee sheet the same day during hours, then show you year two before you tour. Get my shortlist → [/contact/ →](/contact/) See the New Build Board [/new-construction-apartments/ →](/new-construction-apartments/) Call or text 512-000-000 [tel:+1512000000 →](tel:+1512000000) We don't guarantee pricing or approval. The community sets both, and we confirm them before you sign.