What to Look for in a Lease-Up Partner
Guide To Lease-Up Strategy
Leasing up a new property—whether it's a newly constructed apartment complex or a recently renovated rental building is one of the most critical phases in any real estate investment. A successful lease-up strategy in the Philadelphia market can establish a solid foundation for long-term occupancy, stable cash flow, and high tenant retention rates. That’s why choosing the right lease-up partner is essential.
If you’re a property owner in Center City, Philadelphia, and you are preparing to bring units to market, this guide will help you understand what to look for in a lease-up partner—and how the right leasing team can hit the ground running and optimize your ROI from day one. PhillyLiving Management Group offers lease-up services to help you accomplish your goals. Choosing the right partner is a daunting task, so the goal is to be well-informed enough to make the right selection.
Why the Lease-Up Phase Is So Important
The lease-up phase isn’t just about filling vacancies; it’s about building momentum. When executed well, this phase can:
- Establish strong market positioning
- Reduce vacancy losses
- Attract qualified tenants quickly
- Set rental rates that match market demand
A strong lease-up partner is your boots-on-the-ground team to make that happen.
Key Qualities of an Effective Lease-Up Partner
1. Local Market Expertise
Your lease-up partner should possess in-depth knowledge of your local rental market, including neighborhood trends, seasonal leasing cycles, and competitive pricing strategies. They should be able to recommend pricing strategies that reflect demand and adjust quickly if needed.
At PhillyLiving Management Group, our team of licensed real estate agents help hundreds of renters each year and are extremely knowledgeable about the local rental market in neighborhoods like Rittenhouse Square, Old City, Washington Square, Graduate Hospital, South Philly, Northern Liberties, and other Center City neighborhoods. Learn more about our leasing services.
2. Robust Marketing Capabilities
An effective lease-up partner doesn't wait for renters to come to them. They should offer:
- Professional listing photography
- Compelling listing descriptions
- Syndication to top listing platforms (MLS, Zillow, Apartments.com, Trulia, Rent.com,etc.,)
- Social media promotions
- Email marketing to an extensive database of clients and local agents
- Virtual tours and video walkthroughs
Visibility is everything during a lease-up. The more eyes on your property, the faster you lease. At PhillyLiving Management Group, our Marketing Manager regularly posts video tours of properties on Instagram and Tiktok, often boosting them to reach a wider local audience.
3. Qualified Tenant Screening
Filling units fast is important, but it’s crucial to find well-qualified tenants. Your lease-up partner should provide:
- Comprehensive background checks: This will ensure tenants have no criminal record or eviction history
- Credit and income verification: If you are a resident of PhillyLiving Management Group, you will be asked to provide your most current pay stubs within the last 30 days AND 60 days of bank statements OR the most current W-2. Typically, most properties require that an applicant’s gross income is at least 3x the monthly rent amount
- Rental history review: PhillyLiving Management Group asks for 3 years of history as well as contact information for references
- Compliance with local landlord-tenant laws
This ensures that tenants are responsible, creditworthy, and likely to renew, reducing costly turnover.
4. Leasing Process & Technology
Today’s renters expect speed and convenience. Look for a partner who uses technology to streamline the process:
- Online applications: When you apply to a property listed with PLMG, you can submit all information digitally through our software called Appfolio
- Digital lease signing: PhillyLiving Management Group also
- Automated communications
- Real-time availability updates
Efficient systems can significantly shorten the lease-up timeline and enhance the renter experience.
5. Transparent Reporting & Communication
You should never feel left in the dark. A strong lease-up partner keeps you updated with:
- Frequent leasing reports detailing the number of showings and leases signed
- Feedback from showings
- Market conditions and rent adjustment advice
Look for someone who is responsive, proactive, and provides honest feedback to help you improve your performance and reach full occupancy.
Why Choose PhillyLiving as Your Lease-Up Partner?
At PhillyLiving Property Management, we offer lease-up services for properties of all sizes across Center City, Philadelphia. Our team combines hyper-local expertise with data-driven strategies and modern tools to lease your units more quickly and efficiently.
Lease-ups small or large, we’ll provide the personalized attention and professional marketing your property deserves. We successfully leased up 171 W. Berks Street, a 28-unit rental building in Norris Square developed by Scannapieco Development in 2021. After a successful initial lease up, the client kept our team on staff for additional rounds of turnovers.
Here’s what Michael Scannapieco, the CEO of the company, had to say about working with PLMG:
“We had a great experience working with PhillyLiving during the lease-up and their management of 171 W. Berks. They are strong problem solvers, and their experience enables them to effectively navigate complex issues.”
In addition to leasing up 171 W. Berks, we were lease-up partners of 500 South Street in Queen Village and are currently leasing 1128 Walnut Street in Washington Square.
See how our leasing services can support your next project.
FAQs About Lease-Up Partnerships
What is a lease-up partner?
A lease-up partner is a company or leasing agent responsible for marketing and leasing out units during the initial launch of a rental property. Their goal is to maximize occupancy in the shortest time while maintaining tenant quality.
How long should the lease-up phase take?
It varies by property and market conditions, but an effective lease-up strategy should aim to lease the majority of units within 3 to 12 months of going to market.
Do I need a lease-up partner if I only have a few units?
Even for smaller properties, a professional lease-up partner can help reduce vacancies, accurately price units, and ensure the presence of qualified tenants, saving you time and stress. PhillyLiving Management Group works with clients who have buildings of all sizes.
How does PhillyLiving Management Group advertise rental properties?
We list your units on the most trafficked rental platforms such as the MLS, Zillow, Rent.com, promote them through our network of current residents and Philadelphia agents, and create eye-catching marketing materials, including professional photos and virtual tours. We also promote listings via social media and email marketing.
Is there a fee for lease-up services?
Yes, lease-up services typically involve a leasing fee, which equals 1 month's rent. Contact us for specific rates.
Final Thoughts
The lease-up phase is your property's first impression—and first impressions matter. A trusted lease-up partner can help you avoid costly delays, minimize risk, and start your investment journey on the right foot.
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