In Boston’s competitive multifamily market, some industry “rules” persist despite their inefficiency. One of the most outdated? The 60-day notice period for lease renewals and terminations.
For decades, property owners and managers have adhered to this norm, assuming it ensures stable occupancy. But in reality, this rigid approach puts operators in a reactive position, leaving them scrambling to fill vacancies at the last minute. By the time a resident gives their notice, the clock is already ticking, and any delay in securing a new tenant translates to lost revenue.
The question multifamily developers should be asking isn’t, “How do we adjust within the 60-day timeframe?” but rather, “Why are we still using it at all?”
Operators who wait for residents to hit the 60-day mark before engaging in renewal discussions are missing a crucial opportunity to stabilize occupancy and maximize NOI. Many renters already know months in advance whether they plan to stay or move—especially in urban markets like Boston, where job relocations, grad school acceptances, and life transitions dictate housing decisions well before the final two months of a lease.
So why wait?
The most successful multifamily developers and property managers take a proactive approach, initiating renewal conversations 90, 120, or even 150 days out. This simple shift offers major advantages:
Breaking free from outdated leasing norms requires more than just starting conversations earlier. It demands a strategic shift in operations. Here’s how top-tier multifamily operators are optimizing their leasing processes:
If local regulations allow for early renewal discussions, take advantage of them. Engaging with residents months before the lease expires not only provides insight into upcoming vacancies but also encourages longer-term commitments. Some renters may even be willing to renew on the spot, eliminating the uncertainty altogether.
Many operators hesitate to show occupied units, but doing so can significantly reduce downtime. A well-trained leasing team can manage the process smoothly, coordinating with current residents while giving prospective renters a firsthand look at the space. Pre-leasing strategies allow units to be leased before they even become vacant, keeping occupancy rates high.
One of the biggest inefficiencies in multifamily leasing is expecting entry-level agents to juggle multiple roles—leasing, admin work, and even maintenance requests. The most successful operators centralize their leasing efforts with dedicated professionals focused solely on closing deals. This ensures faster leasing cycles, higher conversion rates, and minimal reliance on price optimization software to dictate occupancy strategy.
Many property owners blame market conditions for fluctuating occupancy rates, but the reality is that internal operations play just as significant a role. Factors like unit turn time, leasing team efficiency, and marketing effectiveness directly impact overall property performance.
Instead of simply reacting to market trends, multifamily developers should be asking:
- How quickly can we turn a unit?
- Are we engaging with residents early enough?
- Do we have the right team in place to drive leasing success?
The most successful operators don’t just “follow the market”—they optimize their internal processes to outperform it.
For Boston multifamily developers looking to maximize NOI, clinging to the traditional 60-day notice period isn’t enough. A proactive leasing strategy—initiating renewals early, showing occupied units, and utilizing specialized leasing professionals—gives operators a critical advantage.
The question isn’t “Who wrote the 60-day rule?” but rather, “Why are so many still following it?”
The best operators don’t settle for outdated industry norms—they challenge them to drive better performance, higher occupancy, and stronger returns. Now is the time to break the 60-day myth and take control of your leasing strategy.
Need a hand on your next renewal season? Reach out to your friends at CHARLESGATE to maximize returns on your property.