What is a lease-up period in the context of apartment leasing?

The lease-up period refers specifically to the time required to rent out all available units in a newly constructed or renovated apartment property. This is a crucial phase for property managers and owners, as it directly impacts their revenue stream and overall profitability. During the lease-up period, marketing strategies are implemented to attract potential tenants, and incentives may be offered to encourage quick occupancy of the units. Successfully completing this period suggests that the property is attractive and in demand, reflecting effective leasing practices and market conditions. Other options refer to distinct processes or durations within the leasing cycle but do not define the lease-up period itself.