Lease Renewals
Control vacancy by renewing early. One vacant month is costly; renewals protect NOI and asset value.
Why We Focus On Renewals First
Avoidable vacancy compounds quickly. Example math: a one‑month vacancy equals 8.3% of that unit’s annual revenue; across a 10‑unit building, if four units turn and each sits vacant a month, that’s ~3.3% lost annual revenue. At $1,200 average rent, one vacant month can mean $4,800 less NOI—and at a 6% cap rate that’s roughly $80,000 in value.
Chicago Renewal Cadence
- Track expirations 120+ days out.
- Send renewal notices early; in Chicago, tenancies of 3+ years require 120‑day notice under Fair Notice rules.
- Secure commitments 60-90 days before expiration; if not renewing, launch pre‑leasing and turn planning.
How We Execute
- Renewal calendar and pricing guidance.
- Resident outreach with options (term, rent, upgrades).
- Decision capture and documentation.
- If turning, pre‑lease immediately and schedule the turn.
