first unit rented

Rental of the first units occurs whenever the first lease is signed, whether it happens before, during, or after the construction phase. Pre-rentals count for this event as much as regular rentals.

Signing the first lease establishes the event. Actual move-in or the start of business operations can take place at a later date.

Leases signed before or during construction count alongside leases signed after completion. A fully finished and occupied unit is not required for the first-rental milestone.