What “Lease-Up” Means
A lease-up building is a newly delivered tower that is still filling its units. Until it reaches stabilized occupancy, typically somewhere above 90%, the operator uses concessions to speed things up. That is why new towers often carry the deepest specials in Houston. In our October 2026 data, several 2024–2026 deliveries were in lease-up. This guide covers the upside, the risks and the questions to ask. It is part of our new construction high rise search.
The Upside: Specials and Fresh Units
Lease-up towers we tracked in October 2026:
| Building | Delivered | Starting rent | Special |
|---|---|---|---|
| The Watt (Westlake Park) | 2025 | $1,750 | 3 mo free + $1K look-and-lease |
| 1010 Waugh (Montrose) | 2025 | $1,698 | 2.5 mo free + $1K look-and-lease |
| Rone Residences (Montrose) | 2025 | $3,528 | 2 mo free + $2K look-and-lease |
| Forme Houston (TMC) | 2026 | $1,798 | 2 mo free |
| Modera Waugh (Montrose) | 2024 | $1,682 | 8 weeks free |
| The Heron Museum District | 2025 | $1,686 | $1,500 look-and-lease |
You also get a unit nobody has lived in, new appliances, current smart home packages and often the newest amenity designs.
Act while it lasts
Only 3 new high rise towers were under construction across the metro, and the apartment pipeline was the thinnest since 2012 (CoStar via Houston Chronicle, April 2026). Lease-up specials will not last forever.
The Risks
Renewal jumps
Renewals usually start from gross rent. On a $1,900 unit with 2.5 months free over 12 months, you pay about $1,504 a month net effective in year one, but the renewal will likely start near $1,900 or higher. Our net effective rent guide shows how to plan for it.
Punch-list issues
Small construction defects show up in the first months: paint touch-ups, door alignment, caulk, outlets. They are normal but annoying. Document everything in your move-in inspection.
Unfinished amenities
Pools, sky lounges and fitness centers sometimes open after the first residents move in. Ask for dates in writing.
Construction noise
Parts of the building, the garage or neighboring sites may still be active. Ask which stacks face ongoing work.
Questions to Ask a Lease-Up Building
- When did my floor receive its certificate of occupancy?
- Which amenities are open now, and when do the rest open?
- Is any construction ongoing in the building or next door? Which side?
- How is the special applied: up front, spread across the lease, or later?
- What did renewals look like for the first residents?
- How quickly are maintenance requests handled during lease-up?
Who Lease-Up Suits
Lease-up towers suit renters who want the biggest year-one savings, value new finishes, and can tolerate some early-building friction. If you plan to stay several years, compare total cost over that period, not just year one.
New vs. Renovated
If you are weighing a brand-new tower against a renovated historic building, read new vs. renovated high rises.
Your Move-In Inspection in a New Building
New units still need a careful inspection. Photograph and note:
- Paint scuffs, nail pops and caulk gaps
- Doors and closets that stick or do not latch
- Appliance function, including the dishwasher and in-unit laundry
- Water pressure and hot water at every fixture
- Window seals and balcony doors
- Outlets, switches and smart home controls
Submit the list in the building’s portal within the window the lease allows. Early documentation protects your deposit.
Year Two Planning
Before signing, ask leasing what renewals looked like for the first residents, and set aside the difference between net effective and gross rent as a cushion. If the renewal comes in high, ask about unit transfers, longer renewal terms or matching specials the building is still offering to new residents.
Get Lease-Up Options with the Math Done
We track every 2024–2026 delivery in our inventory and convert each special to net effective rent, with a realistic renewal estimate. Start your search.
