SMART STRATEGIES FOR SPRING LEASING SUCCESS

In this market analysis, we share expert insights on renewing leases, optimizing pricing, and adapting to shifting market trends to ensure successful leasing throughout the year.

March is the New August: Adapting to a Shifting Leasing Trend

As we discussed in our 2024 State of the Market analysis, leasing activity has shifted, with 50% more leads in February and March than in 2022. To take advantage of this trend, we partner with property managers to stagger renewal and new lease expirations earlier in the year. This proactive approach allows us to test the market at higher rents with a longer leasing runway. As leasing activity slows in July, we stay ahead by adjusting pricing 30–45 days before move-outs, minimizing vacancies as we move into the fall and winter months.

Strategic Lease Renewals: Timing is Everything

Offering 8–9 month lease terms for July and August expirations keeps your leasing cycle aligned with peak demand. Listing units earlier allows you to test pricing while the market is strong, with the flexibility to adjust if needed. A shorter lease cycle gives you a longer runway, ensuring you have the full season to optimize occupancy.

Want to learn more about optimizing your lease renewal process?



Check out our blog on why having a dedicated leasing team is essential and how timing plays a crucial role in successful lease renewals.

Tailoring Lease Strategies to Floor Plan Demand

Different floor plans peak at different times of the year. Three and four-bedroom units rent best in the summer when college grads and roommates are searching. One and two-bedroom units see the most demand in April and May, while studios offer the most flexibility year-round. Aligning lease expirations with these trends can help maintain strong occupancy.

Trending This Spring: Flexible Floor Plans

One-bedroom units are in high demand this spring, especially those with bonus den spaces. Properties like Hugo River North, The Fields Lofts, and Trailhead all offer flexible floor plans, featuring den areas that can easily adapt to work-from-home needs or create additional living space. These versatile units provide extra value and appeal to renters looking for more flexibility without committing to a larger unit.

Hugo River North

Trailhead Apartments

The Field's Lofts

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Staggering Leases to Boost Demand

By staggering lease renewals across your building, you create a more stable and desirable environment for renters. Fewer vacancies at any given time reduces the perception of a building being "empty" and increases demand. When units are in shorter supply, they feel more exclusive—motivating potential renters to act fast and secure their spot before it's gone.

Maximize Stability with Long-Term Leases during Lease-Up

When managing a lease-up, consider offering 12-18 month lease terms for your first batch of tenants. This ensures that leases do not expire during the lease-up phase, allowing the building to stabilize and preventing current residents from inquiring about concessions on renewals that are offered for market-rate units during the lease-up. Longer leases also align expiration dates with a fully stabilized property, where concessions are no longer necessary, and market rents are in full effect.

Sustainable Living with a View: The Pierce at 7 Van Buren, Opening March 2025

We’re proud to partner with Oak Park Residence Corporation on The Pierce at 7 Van Buren, set to open in March 2025. This 44-unit community offers spacious studio, one, and two-bedroom apartments, all designed with energy efficiency and sustainable living in mind. Residents will enjoy breathtaking views of Columbus Park and the Chicago skyline, with the added benefit of living in a prime Oak Park location.

Renewal Notice Best Practices: Stay Ahead

When managing lease renewals, it's crucial to stay on top of local laws. In many areas, a 120-day renewal notice is required, giving you time to plan ahead. Aim to have your units on the market 90 days before lease expiration—no later than 60 days out—to ensure maximum visibility and avoid rushed decisions. Staying proactive with your renewal notices helps secure tenants and maintain steady occupancy.