Lease-Up Period Calculator
Calculate the lease-up period for a new multifamily project — months to reach stabilized 95% occupancy — and the vacancy loss + concession cost during ramp.
| Stabilized units (target) | — |
| Months to stabilize | — |
| Vacancy loss during ramp | — |
| Concession cost | — |
| Total lease-up loss | — |
Lease-up is the period after construction completion when a new multifamily property fills from 0% to its stabilized occupancy (typically 92–95%). For 100-unit projects, this typically takes 8–18 months and consumes meaningful vacancy loss + concession dollars — which the underwriting must cover.
Typical Lease-Up Velocity
Industry benchmark: 8–15 net leases per month for a well-marketed 100-unit Class A property in a healthy market. Suburban garden-style trends to the high end; urban high-rise can run lower due to higher unit price. Market softness, oversupply, or poor leasing teams can drop velocity to 4–6/month, doubling the lease-up period.
Concessions in Lease-Up
Free rent concessions are the standard pricing lever during lease-up — 1 month free is typical, 2–3 months free in oversupplied markets. Apply concessions to the first months of lease terms to maintain face rate (helps comparable rent data for refi).
Underwriting the Loss
Lenders and equity expect the operating reserve to cover lease-up losses. Underestimating velocity is one of the most common mistakes in multifamily development pro formas. Run a downside case at 50% of base-case velocity — that's the cash you actually need in reserve.
Last updated May 2026. Sources: NAA Multifamily Benchmarks, ULI Multifamily Reports.