Multifamily Lease-Up Velocity Calculator

New construction lease-up requires aggressive velocity to avoid carrying cost.

Total units

Currently leased

Target occupancy %

Months to target

Leases / mo required

Remaining to lease

170

Current occupancy %

0.2%

How the math works

Required = (target − current) / months.

250 × 92% = 230 target. 230 − 60 = 170 remaining / 10 months = 17 leases/month.

How to Use

Enter total units.
Enter currently leased.
Enter target occupancy %.
Enter months to target.
Read leases / mo required.

Frequently Asked Questions

Lease-up velocity benchmarks?

Target: 15–25 leases/month for 250-unit Class A, 80–95% occupancy in 12–18 months. Aggressive: 30+/month. Slow: <10/month signals price too high or amenity package weak. Concessions during lease-up: 1–2 months free typical, sometimes 3 months in soft market. Marketing budget: 2–4% of stabilized rent first year. Carrying cost: $80–250k/month for vacant 250-unit Class A. Velocity directly drives IRR.

How does this support multifamily underwriting?

Multifamily acquisition and operations teams use this calculator alongside rent roll, T-12 P&L, expense ratio benchmarks, and comp set rents. Pair with a unit-level upside model and concession reconciliation. Sensitivity testing on rent growth, expense growth, and exit cap is essential — small changes compound on stabilized NOI and IRR.

Class A vs B vs C variance?

Class A: newer construction, premium amenities, higher rents but lower yield, lower expense ratio (~35–45%). Class B: 1990s–2000s build, value-add target, mid yield, expense ratio 40–50%. Class C: 1970s–1980s, deep value-add or workforce, higher yield but higher expense ratio (45–60%) and capex burden. Adjust assumptions to class.

When does this metric actually move the deal?

Single-line items rarely change a deal materially, but stacked operational improvements compound. A 3% rent increase + 1.5% expense reduction + 50 bps cap compression = 25–40% IRR uplift over 5 years. Use this calculator alongside others in the operations stack to identify the best 3–5 levers to focus on post-close.