Lease-up

Lease-up is the full process of turning a rentable vacancy into a completed tenancy. It includes confirming readiness, setting a supportable asking rent, publishing accurate marketing, handling inquiries and showings, applying consistent screening criteria, executing the lease, recording required funds, and completing the move-in handoff. It is broader than advertising and is not complete merely because someone submitted an application.

For a small landlord, the useful control is a stage record rather than a single “leased” status. Record the date the unit became ready, listing dates, qualified inquiries, completed showings, applications, decision status, signed-lease date, move-in date, and the person responsible for any stalled step. Keep property readiness separate from market exposure: days spent waiting for paint or an inspection should not be misread as weak listing demand.

A unit becomes ready on August 3 and receives 18 inquiries, six completed showings, and two applications by August 10. One applicant meets the documented criteria, signs on August 12, and takes possession August 18. The marketing period, application decision, signed lease, and vacant days are related but not interchangeable. That sequence helps the owner see whether the delay came from make-ready work, lead quality, showing conversion, or the scheduled move-in date.

Red flags include marketing before material readiness facts are known, changing screening standards for one applicant, calling an approval a signed lease, or removing a listing while execution and required steps remain unresolved. Use the same written workflow for every applicant, preserve decision records, and verify applicable fair-housing and local leasing requirements. Lease-up metrics should improve process visibility, never justify discriminatory steering or an unsupported promise about availability.