They perhaps can build cheaper than you can, finance cheaper, operate cheaper and to get it leased up, offer things like 1-2-3 months free rent. 

I actually own a 20 year lease as I'm within 100 yards of the ocean. 

The market I’m interested in are residential rental and leasing, senior housing, and distressed properties/owners. 

About 1/3 of their leases had to be terminated or evicted.I finally got tired of it and stopped accepting Section 8 about six years ago.

But I want to understand:How quickly do rental units typically get leased?

This misunderstanding stemmed from incorrect lease terms indicating washer/dryer access when we did not actually have any washer or dryer set up.

It's written into the lease that tenants must deposit their rents into that particular account (either by online bank transfer or by walking in a check/cash); I do not collect rents directly, nor would I if anyone asked.

Lol Have you done many lease options as a buyer over many year term? 

It currently has a renewed leased tenant for a year @$1400 a month (the owner of the property rented it out to workers at an under-market rate but could easily get $1500-1700).

How long are the leases?