Do you want to add rent increases for future recurring charges to automatically post? This article will walk you through adding these increases.
Rent Increase on a Single Lease
- From a specific lease in the system you will now notice there are a couple of fields. The first field being the increase eligibility date. This field will be used when pulling dates of leases with an available rent increase.
- If you scroll down on the lease details page you will see the rent increases box. You can add rent increases by clicking the increase rent button here or clicking the green actions button and clicking increase rent.
- This will take you to a rent increase filtered for this specific lease. This page will show you all of the recurring charges currently attached to the lease. The rent eligibility date will automatically be pulled from the lease and be set as the increase date that these increases take effect. The next increase eligibility date will also default to one year after the current eligibility date. You can edit these fields to whatever you need. You will have two options here. One to increase rent by a percentage amount or the option to increase this by a flat amount. For this example we will do a 10 percent increase to rent and manually update the charges. You will also see the percentage of the increase for all of the charges listed here. Make sure to click apply increase to add that increase to rent.
Please note that this will only increase general ledger accounts that are tracked as rent. For your other additional charges you will need to manually enter the amount you would like them to increase by.
- When you are done you can click the next button. This will bring up a confirmation screen with a field where you can select a letter template. This will be the letter template used that lists all of the increases and can later be sent to the tenants. You can leave this field empty if you would like to use the system's default template. Click submit to confirm these rent increases.
- This will take you to the rent increase batch. Here you will be able to view all of the details from the increase that was just created. You also have the option to download the letter template that was created or email the letters. When you click the email button you will see the total number of leases and tenants this letter is being sent to. You will also have the option to select an email template. When you are ready you can click send and this will go to the email address set for the tenants.
- Let's go back to the lease and see what has changed. The first thing you will see is the new eligibilty date has been changed. If we scroll down to the recurring charges box you will see all of the edits. The first thing to note is that the end date on all of the recurring charges increased will be automatically set. You can also see all of the future charges that are going to start based off of the increase input. The last thing will be in the sidebar. The letter template that was created will show under the letters for you to view or easily send to the tenant from this page.
Rent Increase for Multiple Leases
- To start you will need to click on the leases tab. From the green actions button you can click on increase rents. You will have multiple filter options from this page including portfolio, property, property groups, property tags, and lease tags. The next filter will be for leases with an eligible increase on or before the date you set. This field will default to eligible lease increases three months from today's date.
- When you click search, this will pull all of the eligible leases based off of your filter. Here you can select all the leases by clicking the top check box or you can select individual leases. You will have the same options of increasing the rent by a percentage or flat fee. This will apply to all of the leases that you currently have selected.
Please note that you will still need to manually change the recurring charges that are not tracked as rent.
- This will pull up another confirmation screen where you can select the template. Once we click confirm this will take us to the increase batch. You will notice that all of the details for all of the leases selected will show here. You will also have the option to download all of these letters or email the letters to all of the leases and to each individual tenant attached to these leases. This will also create the same changes on the leases that were shown earlier.
Downloading and Sending Rent Increase Letters
- If you ever need to go back to the rent increase batches you can click on the leases tab. There is now a new tab on the screen for Rent Increases. If you click on this tab it will show you all of the rent increases that you have created. You can click into each one of these to view the details, download the letters, or email the letters to the the tenants.
Reverting a Rent Increase
- If a rent increase is accidentally created or needs to be changed then you can easily revert it. To do this you will need to go to a specific lease. In the details tab, scroll down to the rent increase box. Click the ellipses next to the increase and click delete. This will remove all of the future recurring charges that were created automatically. This will also revert the next eligible date to the previous date set. The last thing this will do is remove the letter template that is attached in the letters section.
Rent Increase Settings
- There are a few settings for rent increases. We will start by going to the settings and going to email templates. If we click the green actions button, you can now select new rent increase email template. This will be the template you can use when sending out emails to the tenants with the rent increase letter attached.
- Another option will be under the letter templates. Here you can click the green actions button and click new rent increase letter template. This will create a template that you can use when generating the letters for rent increase.
The last setting will be under lease settings. You have the ability to set the default letter template that is selected when generating the rent increases. You can click the edit button in this box and select from any of the rent increase letter templates that you have created.