# What Is a Lease-Up Apartment? Why Specials Run Deep > Lease-up vs stabilized in plain words, why concessions peak during lease-up, and how stage enters our New Build Score. URL: https://newsanantonioapartments.com/guides/what-is-lease-up/ Last-Modified: 2026-10-25 Author: New San Antonio Apartment Team Tags: what is a lease up apartment, lease up vs stabilized, apartment lease up specials ## What does lease-up mean? Lease-up is the period after a new apartment building opens when it’s filling its first units. It starts with the first move-ins, after the building receives its Certificate of Occupancy, and ends when occupancy levels off. That point is called stabilization. Many of the lease-up apartments in San Antonio [/lease-ups/ →](/lease-ups/) on our board are in this stage right now. ![Half-finished amenity deck beside a completed pool at a new complex](/images/content/half-finished-amenity-deck-beside-a-completed-pool.webp) For renters, lease-up matters because it’s usually when specials run deepest. A building that’s filling needs residents, and specials are the fastest way to attract them. > **In one line** > > Lease-up: a new building filling its first units. Stabilized: a building whose occupancy has leveled off. ## Lease-up vs stabilized | | Lease-up | Stabilized | | --- | --- | --- | | Occupancy | Rising | Leveled off | | Specials | Often deepest | Smaller, or none | | Amenities | May still be finishing | Usually complete | | Construction nearby | Possible, especially phased sites | Less common | | Year-two jump | Often larger | Often smaller | Before lease-up, there’s pre-leasing, when a community signs leases before its first move-ins. See our page on new apartments opening soon [/opening-soon/ →](/opening-soon/) . ## Why specials peak during lease-up New buildings usually carry construction financing, and owners need to show steady leasing. When leasing slows, specials grow. When a building fills, specials shrink. In a market with lots of new supply, that competition is stronger. San Antonio is in that kind of market now. Vacancy counting lease-ups was 14.9% in Q3 2026 (CoStar via San Antonio Report). Even among stabilized buildings, about one-third of units carried a concession, with an average discount of 11.6% (RealPage, January and May 2026). On our board, the median special was 8.7 weeks free on Oct 25, 2026. ![Settled apartment courtyard with grown landscaping and shade trees](/images/content/fully-leased-mature-apartment-courtyard-with-grown.webp) ## The trade-offs Deep specials come with a few things to plan for: - **Year two.** Renewal is priced from base rent, so the deeper the special, the bigger the jump. See the year-two rent jump [/guides/year-two-rent-jump/ →](/guides/year-two-rent-jump/) . - **Unfinished amenities.** The pool or gym may open after you move in. We confirm what’s finished in writing. - **First-year fixes.** New buildings have punch lists. See living in a lease-up building [/guides/living-in-a-lease-up-building/ →](/guides/living-in-a-lease-up-building/) . ## Signs a building is in lease-up You can often tell a building is in lease-up before you ask: - Large specials on the website or a banner - Fresh landscaping and young trees - Some amenities fenced off or marked as coming soon - Model units staged in the leasing office - A second phase under construction nearby On our board, every card shows the stage, so you don’t have to guess. We also confirm what’s finished in writing before you sign. ## When lease-up ends A building usually reaches stabilization when most units are leased and occupancy holds steady. At that point, specials often shrink, and renewals follow the market more closely. If you’re renewing in a building that has stabilized, expect fewer concessions than you got at move-in, and plan for year two accordingly. ## How stage enters our New Build Score Lease-up stage is worth 15 of the 100 points in the San Antonio New Build Score. It reflects where a building sits between pre-leasing and stabilized, which affects both deal depth and how settled the building is. Our guide on how the New Build Score works [/guides/how-the-new-build-score-works/ →](/guides/how-the-new-build-score-works/) shows all six parts. Every card on the board shows the stage. Send us your list and we’ll confirm the stage, what’s finished, and the special with each office the same day. Learn more about Lease-Up Apartments in San Antonio Buildings in lease-up with stage, special, what's finished, and year-two risk. Open Lease-Ups [/lease-ups/ →](/lease-ups/) ![](/images/squares/sunlit-limestone-facade-of-a-new-san-antonio-apart.webp) Written by · Reviewed by · Updated October 25, 2026 New San Antonio Apartment Team [/about/#new-san-antonio-apartment-team →](/about/#new-san-antonio-apartment-team) Licensed apartment team, Spirit Real Estate Group, LLC The New San Antonio Apartment Team tracks ground-up new apartments across Bexar, Comal, Guadalupe, and Kendall counties and prices every special in plain numbers. The team is brokered by Spirit Real Estate Group, LLC, TREC #562021, and is free to renters. Brokered by Spirit Real Estate Group, LLC, TREC #562021 Questions ## Questions about this guide ### How long does lease-up last? Until the building stabilizes, which varies with the market and the building. We show the current stage on every card. ### Are lease-up specials bigger? Usually. Specials tend to run deepest while a building fills its first units. ### Can you guarantee a price or approval? No. The community sets both pricing and approval. We pull prices every morning and confirm the numbers with the leasing office before you sign. Still have a question? Send it with your shortlist request [/contact/ →](/contact/) and we'll answer the same day. ![](/images/misc/row-of-brand-new-limestone-and-slate-blue-apartmen.webp) Next step ## Want the real monthly price for every building on your list? Send the 60-second form. We make the calls, confirm the unit, the special, and the fee sheet, and send your shortlist the same day. Get my shortlist [/contact/ →](/contact/) See the New Build Board [/new-construction-apartments/ →](/new-construction-apartments/) 512-000-000 [tel:+1512000000 →](tel:+1512000000) We don't guarantee pricing or approval. The community sets both, and we confirm them before you sign.