lease rates jumped to
While the rest of the market
averaged only 53.6%
the problem to solve
West Campus is one of the nation’s most competitive housing markets, with plenty of competition packed into just a few square miles adjacent to UT’s campus. This new start had to leverage compelling branding to differentiate itself from the sea of other properties in the area and generate plenty of buzz during the pre-lease season to earn high occupancy rates before their opening date.
Their vision was to create a property brand that would differentiate MUZE from its competition through various advertising campaigns, with emphasis on the unique offerings of the property and its location. They also had ambitions to have the property over 95% leased by its opening date of August 2019.
To meet these goals, Threshold created a unique, compelling branding and competitive marketing strategy.
Together with Threshold, the client leveraged the strong branding and assets we built together to achieve some truly remarkable results. During the leasing cycle from August 2018 to August 2019, MUZE earned steady traffic, both on-foot and online. The website saw over 152,000 users and over 517,000 sessions while on-site staff were busy with a steady stream of tours, calls, and emails from interested UT students. More importantly, this traffic converted, leading to lease rates over and above the market average for the West Campus area.
Almost a full year out from their August 2019 opening, MUZE was already 42% pre-leased, while the rest of the market averaged out at 27.4% pre-leased. Just one month later, in October 2018, MUZE’s lease rates had jumped to 72%, while the rest of the market averaged only 53.6%. This above-market trend continued month over month all the way through to the August 2019 opening, which MUZE greeted with a lease rate above 99%.
One year prior to opening
Compared to a market
average of 27.4% pre-lease
With conversions leading to
a lease rate above 99% upon
opening in august 2019.