The Property

This case study involves a small studio apartment located within a four-unit multifamily property in Lorain, Ohio that had recently been acquired by an investor.

The building had been operating with rents well below market value, creating an opportunity to improve both the property condition and rental income through strategic renovations and repositioning.

Unlike large-scale rehabs, this project focused on practical improvements that tenants notice most.

Updates included:

• Fresh paint throughout
• New flooring
• Bathroom fixture updates
• New appliances
• General cosmetic improvements

Of the four units in the building, this studio received the least amount of renovation work and was also the smallest unit by a significant margin.

At approximately half the size of the other units, it would have been easy to assume this unit would take longer to lease.

The opposite happened.

The Challenge

Many landlords assume that larger units or heavily renovated units are the easiest to lease.

However, leasing success is often determined by much more than square footage or renovation budgets.

Pricing, presentation, responsiveness, marketing reach, and tenant communication frequently have a greater impact on leasing velocity than the amount spent on improvements.

The goal was straightforward:

• Increase rents closer to market value
• Attract qualified applicants quickly
• Minimize vacancy loss
• Stabilize the property as fast as possible

The Strategy

The same leasing principles that power Tenant Access today were used throughout this project.

The focus was not simply placing an advertisement online.

Instead, the process centered around:

• Proper market positioning
• Competitive pricing
• Professional listing presentation
• Fast response times
• Efficient showing coordination
• Consistent follow-up with prospective tenants

By combining these elements, prospective renters were able to get the information they needed quickly and move through the leasing process without unnecessary delays.

The Results

The studio apartment was listed for rent on July 28, 2021.

By August 3, 2021, a qualified applicant had completed the process and signed a lease.

The listing was removed from the market immediately afterward.

Timeline

July 28, 2021

• Property listed for rent

August 3, 2021

• Lease signed
• Listing removed from market

Total Time to Lease

6 Days

While this unit was the smallest apartment in the building and received the fewest upgrades, it leased just as quickly as the larger units.

Key Takeaway

Successful leasing is rarely about spending the most money on renovations.

While clean, functional, and well-maintained properties certainly matter, leasing performance is often driven by execution.

Properties lease faster when they are:

• Properly positioned
• Marketed effectively
• Presented professionally
• Priced competitively
• Responded to quickly

Even a modest studio apartment can attract qualified applicants rapidly when the leasing process is managed strategically.

Why This Matters

Every additional week of vacancy costs real money.

For owners and property managers, reducing vacancy time often creates a greater financial return than spending thousands of dollars on unnecessary upgrades.

This studio apartment demonstrates that with the right leasing strategy, even smaller units can achieve strong demand and reach stabilization quickly.

The same systems and leasing principles used in this case study continue to serve as the foundation of Tenant Access today.

Result: Qualified tenant secured and lease signed in just 6 days.