Pre-Leasing
Guides

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What is pre-leasing actually worth?

Units occupied before opening start paying rent on day one. Use the calculator to see occupied units, extra rent, and net value after the cost of pre-leasing — compared with filling those same units after you open. For the model behind the chart, read why pre-leasing has value.

Your assumptions
Adjust the inputs. The chart updates as you go.

Units in the community at stabilization

Already spoken for at opening

$

Typical: $20k minimal, $180k partial, $400k fully staffed

$

Monthly rent you expect to collect

Absorption of remaining units once open

Units occupied at opening

48 / 200

24% occupied vs 0% without pre-leasing

Months to stabilize

15 mo

20 mo without pre-leasing

Extra rent, 12 months

$1,065,600

48 extra occupied units at month 12

Net value after cost

$885,600

Pays back in month 3

Occupied units after opening
Pre-leasing starts at 48 of 200 units occupied. Both curves then add 10 leased units per month until the community is full.
With pre-leasingWithout pre-leasingExtra occupied units
0100200Opening6 mo12 mo18 moUnits occupiedMonths after opening

Month after opening

12

With pre-leasing

168 units

Without pre-leasing

120 units

Net value

$885,600

Model: occupancy is capped at 200 total units. With pre-leasing you open at 48 occupied, then lease the rest at 10/month. Without it you start at 0 and lease at the same pace. Extra rent is $1,850 × extra occupied units each month, minus $180,000 in pre-leasing cost. At month 18, net value is $1.3M.

GUIDES

Continue with the pre-leasing guides

01

Why pre-leasing has value

02

Fully staffed, partial, or support only

03

Marketing options for pre-leasing

04

Renderings, site maps, and technology

A varied group of people arriving to tour a new courtyard apartment community coming to life

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