The signs have been there for a while, but now they’re impossible to ignore. The writing isn’t just on the wall anymore, it’s flashing in neon: lease-ups don’t move the way they once did.
A decade ago, we saw most projects stabilized within 12 to 15 months, meaning marketing teams could launch aggressively, build awareness quickly, and carry momentum through to the finish line before ownership groups began asking tough questions.
Today however, that rhythm has shifted. With construction delays, higher borrowing costs, and renters who are slower to make leasing decisions are stretching lease-ups into 18 to 24 month timelines, the playbooks many teams still rely on simply don’t fit this new reality.
The biggest issue is that marketing budgets are usually built for the sprint, not the marathon. Heavy spending is concentrated upfront, designed to create an early surge in visibility and leads, but by the time absorption slows the money is already gone. Campaigns lose steam. Early prospects drift away. And leasing teams are left trying to explain why stabilization targets feel out of reach when the budget was burned through six months earlier.
It’s time to rethink the math.
The traditional launch-heavy strategy made sense when projects stabilized quickly. If most of a property’s units were leased within a year, pouring 50 to 60 percent of the budget into the first 90 days felt like a smart bet. Visibility was high, prospects converted quickly, and momentum carried through until the building was full.
But when lease-ups stretch over two years, that strategy starts to collapse. Early leads who engaged at launch may no longer be in the market by the time units are available. Campaigns designed to drive urgency at the start feel tired after months of repetition. And the budget, which should be a steady source of support, has already been exhausted, leaving little flexibility for the moments when leasing actually gets tough.
The result is a widening gap between the spend curve and the absorption curve, and that gap puts both ownership and leasing teams under pressure.
Every project hits natural choke points. Some stall at 30 percent leased. Others struggle to move larger units once the smaller ones are gone. Many plateau at 70 percent and linger there for months before inching toward stabilization. These challenges are well known to leasing professionals, yet they often aren’t considered when budgets are planned.
Instead of tying marketing spend to construction milestones, budgets should be mapped directly to the absorption curve. The idea is simple: invest where momentum dips, not just when a project reaches a new phase of construction. When dollars are aligned with leasing velocity rather than arbitrary dates, marketing campaigns provide the right level of support exactly when teams need it most.
To make this shift practical, it helps to break the budget into four flexible phases.
1. Brand and Awareness (a steady start)
Rather than aggressively spending before the first unit is even ready, invest at a modest but consistent level early on. The goal is to build recognition, capture pre-registration leads, and create enough visibility to keep the project on renters’ radar without exhausting creative resources or budget.
2. Sustain and Nurture
Hold back funds to keep leads engaged throughout the lease-up. This can mean remarketing campaigns or refreshed creative that reflects construction progress. When renters face long wait times, these touchpoints keep the project relevant and help maintain trust.
3. Acceleration (strategic bursts)
As units come online, step up spend, but don’t spread it evenly. Focus on unit types or renter profiles where demand lags, and deliver tailored campaigns that address specific gaps rather than blanketing the entire community with generic ads.
4. Pressure Points (the reserve fund)
Finally, save a portion of the budget for the hardest moments. When a project plateaus, or when absorption slows unexpectedly, having money set aside allows teams to launch a targeted push, introduce a creative refresh, or roll out a limited-time incentive that reignites interest.
This phased model replaces the “fireworks at launch” approach with a balanced rhythm of awareness, bursts, nurture, and contingency. It mirrors how renters actually make decisions and how projects actually absorb.
Shifting to this approach doesn’t require complex forecasting. Start by reviewing performance every 90 days so budgets reflect actual leasing velocity rather than old assumptions.
Measure what matters. Track the full lead-to-lease pipeline, from lead to tour, tour to application, and application to lease, so you can see exactly where momentum is strong and where it is slipping. With that visibility, you can adjust your marketing or leasing focus to the stage that needs the most support.
Invest in automation that keeps early leads from slipping away. A steady stream of updates, whether through email, SMM, or remarketing, can make the difference between losing a prospect during long delays and having them ready to sign when units open.
And finally, refresh creative before rebuilding it. Small changes in design or messaging can extend the life of campaigns and keep them feeling current, without draining resources.
For owners and asset managers, a phased budget strategy protects NOI by preventing stalls and smoothing the absorption curve. It shows investors that marketing spend is not only responsible but also strategic, responding to real-world leasing performance rather than rigid schedules.
For leasing and marketing, this approach elevates the role each team plays. Instead of asking for more money when absorption slows, teams can present a plan that adapts to conditions, uses dollars efficiently, and anticipates challenges before they turn into problems.
In a market where timelines are longer and uncertainty is the norm, budget agility has become the advantage that separates successful lease-ups from those that stall.
Lease-up marketing can no longer be about spending heavily early in the lease-up and hoping for quick stabilization. It has to be about sustaining visibility, keeping renters engaged through long cycles, and aligning budgets with the absorption curve rather than the construction timeline.
Teams that master this new approach will not only lease faster but also strengthen trust with ownership and investors, proving they can navigate today’s slower, more complex multifamily market with confidence.
Need help revising your digital lease-up marketing strategy? Book a call with our Rentsync Agency team today.