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What is pre-leasing actually worth?

Homes spoken for 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 homes after you open.

Your assumptions

Adjust the inputs. The chart updates as you go.

Total units

Homes in the community at stabilization

# units pre-leased

Already spoken for at opening

Cost of pre-leasing

Site, ads, and staff time before opening

Average $ per unit

Monthly rent you expect to collect

Leasing units / month after opening

Absorption of remaining homes once open

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

$1,063,200

Pays back in month 1

Occupied units after opening

Pre-leasing starts at 48 of 200 homes. Both curves then add 10 leased units per month until the community is full.

With pre-leasingWithout pre-leasingExtra occupied units

Month after opening

With pre-leasing

168 units

Without pre-leasing

120 units

Net value

$1,063,200

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 $2,400 in pre-leasing cost. At month 18, net value is $1.5M.

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