CASE STUDY: LEASE UP PROPERTY, LAS VEGAS
In April 2025, a Lease Up Property faced a nightmare scenario: 34% occupied in a submarket drowning in new supply, with 1,318 competing units delivered and vacancy climbing 30% year-over-year. Conventional wisdom said 18 months to stabilization. Ownership needed it in 12 to hit refinance targets. RentDigital delivered it in 6.
6 Months
to stabilization
50-67% faster than industry
$4.6M
NOI acceleration
6-9 months early to proforma
97.6%
occupancy achieved
vs 89.1% submarket avg
$61
blended CPL
2,301 leads generated
THE SITUATION
10.9%
Submarket vacancy
Up from 8.4%—a 30% increase YoY
1,318
Competing units delivered
New supply flooding Enterprise submarket
-3.4%
Asking rent growth
Negative pressure on rental rates
34%
Occupancy
219
Vacant units
16.7%
Concessions
PROJECTED vs ACTUAL TRAJECTORY
Typical
12-18 mo
Lease Up Property
6 mo
THE STRATEGY
Flooded the market with 3.5M+ impressions before competitors could react. Built brand recognition that would pay dividends in Search efficiency.
THE INSIGHT
Most lease-ups underspend on awareness, then overpay for Search. We flipped the script—front-loaded brand, harvested demand cheaper.
RESULT
80% Search CPL reduction
Meta as lead engine delivered 57% of volume at $16 CPL. Competitor geofencing captured fence-sitters actively touring nearby properties.
THE INSIGHT
Social outperformed Search 7:1 on CPL efficiency. We let Social do the heavy lifting while Search captured high-intent branded traffic.
RESULT
2,301 leads at $61 blended CPL
Weekly budget reallocation based on performance data. Channel mix evolved as occupancy grew—from acquisition-heavy to retention-focused.
THE INSIGHT
As brand awareness built, we shifted spend from expensive acquisition to cheaper branded Search. Most agencies leave budgets static.
RESULT
45% CPL reduction over 6 months
THE RESULTS
APRIL 2025
34%
occupancy
113
units occupied
16.7%
concessions
SEPTEMBER 2025
97.6%
occupancy
324
units occupied
0.8%
concessions
$4.6M
NOI acceleration (6-9 mo early)
$90K
Total marketing investment
$426
Cost per lease (211 units)
Lease Up Property achieved 97.6% occupancy while the Enterprise submarket averaged 89.1%. Outperformed competitors who were struggling with the same supply pressure—proving that strategy beats market conditions.
Source: Market Intelligence 2025