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 page lists open buildings by stage and fill estimate.
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 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 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 for opening dates we confirmed within 30 days.
