gtm_report

6.2 Channels

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Cadence
Lease-Up & Operations
How the community fills and holds.
Lease-Up Strategy Pre-leasing, on-site management, resident retention
Channel 1 Pre-leasing from a model home six months before first move-ins
Channel 2 An on-site leasing and management team, every renewal a retained home
Channel 3 Local search listings and employer relocation partnerships
Leasing Funnel Inquiry to tour to application to signed lease
Leasing Economics Leasing cost near $2,600 per home against $35,100 of annual rent, recovered inside the first month
Lease-Up Side Model home tours, on-site leasing, employer referrals Qualified renter demand from a supply-short Phoenix submarket
Model home pre-leasing A furnished model home open six months before first deliveries
On-site leasing office Every tour a future lease, every resident a future renewal
Local search and listing sites Searches like new build-to-rent homes with yards in Chandler
Paid search and retargeting Capturing high-intent renters weeks before their lease-end date
Employer and relocation partners Local employers, relocation agencies, homebuilder waitlists and brokers
Model home, search and employer referrals fill the leasing pipeline Phoenix renter households have grown about 3 percent a year, and detached rental homes hold occupancy 2 to 3 points above garden apartments through the cycle (Yardi Matrix, Q3 2025).
Delivery Side Phased delivery, absorption pace, renewal base Phased delivery matches homes to absorption pace
Phased home delivery Homes delivered in phases so leasing keeps pace with demand
Absorption pace Around 15 to 20 signed leases a month carry the community to stabilization
Renewal base Renewing residents hold occupancy and lower turnover cost each year
Referral inbound Resident referrals sign new leases at near-zero acquisition cost
Ancillary income Parking, pet rent and smart-home fees add income on every home
Phasing, referrals and renewals carry occupancy to stabilized Cadence delivers 260 homes in phases, reaching about 94 percent stabilized occupancy inside 24 months of first move-ins with no further land cost.
Absorption Strategy Model-led, referral-fed, renewal-held
Channel 1 Model home pre-leasing as the first source of signed leases
Channel 2 Phased delivery for a steady flow of ready homes
Channel 3 Resident referrals at near-zero acquisition cost
Key Metrics Leads, tours, applications, days to lease, renewal rate
Delivery Strategy Model home pre-leasing first, then phased delivery, then referrals and renewals at scale
Renter Segments Three renters, three reasons to lease, one community
The relocating professional
Demographics Household age 30 to 45, income $110k to $180k, relocating for work Needs Wants a new home with a yard and garage without buying at today's prices Discovery Local search, employer referral, model home tour Values New finish, space, a quick and simple move-in Rent Range $2,810 to $3,500 a month for a cottage or townhome
The family priced out of ownership
Demographics Household age 35 to 50, two incomes, one or two children Needs Wants a three-bedroom home with a yard, schools nearby, no down payment Discovery Search, resident referral, school-district interest Values Space, schools, the stability of a longer lease Rent Range $3,500 to $3,995 a month for a townhome or detached home
The right-sizing empty-nester
Demographics Age 55 to 70, sold the family house, renting by choice Needs Wants a low-maintenance home with a garage and no upkeep Discovery Search, broker referral, community events Values Comfort, security, an easy lock-and-leave home Rent Range $2,095 to $2,810 a month for a one or two-bed cottage
Channels & PartnershipsDirect leasing, referral pull, community events
DirectOn-site team and model home tours for high-intent renters
IndirectEmployer partners, relocation agencies and resident referrals
CommunityResident events, pool socials and community open houses
Channel StrategyDirect 40 to 50%, referral 20 to 30%, partner 15 to 20%, paid 10 to 15%
Strategic PartnershipsLocal employers, relocation agencies, resident-referral programs and listing sites
KPIs & Operating Model 260 homes leased to about 94 percent occupancy, NOI $5.62M
Lease-Up KPIs
Monthly Rent Target About $760k in gross monthly rent at stabilization
Occupancy Growth First move-ins to about 94 percent occupancy inside 24 months
Renewal Rate Renewal-rate target of 55 to 60 percent at each lease expiry
Per-Home Economics
Leasing Cost About $2,600 leasing cost per home
Annual Rent About $35,100 of annual rent per home
Rent : Leasing Cost 13:1 annual rent to leasing cost
Payback Period Under one month of rent
Income Model Rental income plus parking, pet and ancillary fees
Rents $2,095 to $3,995 a month across four home types
Operating Margin 63 percent net operating margin at stabilization
Break-Even Cash flowing from the first stabilized quarter
Key Takeaway A model home and phased delivery converted into steady lease-up
Leasing Cost per Home $2,600
Annual Rent per Home $35,100
Rent : Leasing Cost 13 : 1
Lease-Up Projection About 94 percent stabilized occupancy inside 24 months of first move-ins, carried by model home pre-leasing and resident referrals at near-zero acquisition cost