Project Scope

In 2020, Propstep took over the leasing of 164 apartments in Den Grønne Fatning in Herlev. Vacancy was around 52%, and there was a challenge with many terminations each month; overall, leasing had stalled in a challenging market with low interest and price-sensitive tenants. Our task was therefore not only to fill the property but also to find the right tenants who would stay long-term. We assessed that the property had the wrong segmentation and a narrative that did not match the area.

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Solution

We reviewed all units and adjusted rent levels significantly. At the same time, we developed a new sales narrative targeting a price-conscious segment and positioned the area as an up-and-coming neighborhood with potential.

Result

Vacancy dropped significantly, and the project was revitalized with new energy and momentum. With data-driven pricing and targeted communication, we reached the right audience. During the first year, we re-leased more than half of the property’s units as they became available, keeping vacancy consistently low.