Lease-Up Period

Definition

The time required to fill vacant units in a newly constructed or recently acquired property with tenants. It's a landlord's test of patience measured in months and spreadsheets.

Example Usage

The new apartment complex had a six-month lease-up period before reaching 85% occupancy.

Origin

Combination of 'lease' and 'up,' indicating filling capacity

Fun Fact

Developers budget 3-12 months for lease-up depending on market conditions—with costs of advertising, leasing commissions, and empty unit carrying costs adding up fast.

Source: Multifamily and property management terminology

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assessing

The art of determining property value for tax purposes, usually performed by a government official who will inevitably conclude your home is worth more than you claimed. This process involves evaluating comparable sales, property features, and market conditions to establish a taxable value. It's the reason your property tax bill keeps going up even when your neighborhood looks exactly the same.

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Beginner

FICO Score

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