Palace has an automatic process for Rent Increases, if followed correctly, it will do the whole process for you. Follow the instructions below. They are in two parts.
As per Section 24 of the Residential Tenancies Act 1986, you must give 60 days notice in writing to a tenant with regards to a rent increase. You must not increase the rent within 180 days of a previous increase.
- Tick the Planned Rent Change: A date will auto appear, it counts 64 days and aligns it to the start date i.e Thursday
- You can manually change the date if you need to but please NOTE: The rent change date must be the same day of the week as the start date
- Enter the amount in the "New Weekly amount" area
- Click Save.
- Palace will then store the information until approx 15 days before the rent change is due. (This is fed from the Rent Paid To Date)
- A System Reminder will then appear in your Reminders area
Note: Who sees this reminder is controlled by the Agents – Authorities area NOT the message permission area.
- Note: once the planned rent change date has gone past, the reminder will remove from the System Reminder Area
- PROCESSING THE SYSTEM REMINDER
- Tick the reminder and click on the process button - OK to processing selected reminders.
- Follow the prompts through -
Say yes to this, the rent change will then be entered automatically into the rent change area under the options tab. It will then autochange when the time comes.
- If you say yes, it will ask you for the date of the next rent change and the amount. (If you use this area for rent reviews, then say yes and put the next date in, leaving the amount as 0.00) Otherwise just say no.
NOTE: The rent change will take effect on the paid to date reaching the same date as the rent change i.e It works off the paid to date not the actual date. Please note: It is not worth using the Planned Rent Change if the rent increase date is already the same as or has past the paid to date.