Market rent and supplement management for social housing

Summary

As a Social Housing Provider in Australia and New Zealand, efficient market rent and supplement record management is crucial. This article walks you through the process of recording and managing market rent and supplement information for properties within the Palace social housing module.

This article covers:


About market rent and supplement management

Accurate market rent and supplement record management are essential for social housing providers. It ensures that market rent, agreed rent, supplements and other related information are properly recorded in order for the Govt Availability Report to be generated accurately. This feature introduces one additional field on the property edit screen: "Govt Property Reference" (Free Text), a Market Rent tab and three calculated fields.

Note: Australia and New Zealand have some differences. These differences are highlighted below.


Manage market rent and supplement records

Follow these steps to manage market rent and supplement records:

  • Go to Property < Current properties
  • Select the property profile for which you want to manage market rent
  • Click on the Market Rent tab
  • Select Add New
  • Enter:
    • Australia - Market Rent as required with a relevant Start Date
    • New Zeland - Market Rent, Agreed Rent and Supplement values as required with a relevant Start Date
  • Click Save

NZ-market_rent-add_new.png

Note: The start date of any new entries must be after the start date of any existing entries.


New Zealand only

  • Go to Property > Current properties
  • Search for the property
  • Either
    • Click the Edit button on the right of the property or
    • Click the property's name to open their profile
  • Under the Codes section, fill in the Govt Property Reference field as required

NZ_codes.png

Note: The Govt Property Reference field is used as an identifier within the Govt Availability Report.

  • Add Additional Supplements (Optional) - If additional supplements need to be added to the market rent table, you can do so via System > List Defaults > Market Rent Supplements
  • Review the values displayed in the calculated fields that exist at the top of the Market Rent tab.

Note: These fields are read-only and display information as of the current date.

NZ-current_rates.png

  • Current IRR (Income Related Rent) -Displays current IRR from Rent History Table on current tenancy
  • Current IRRS (Income Related Rent Supplement) - Displays current Agreed Rent from Market Rent table - Current IRR
  • Current GIAR (Govt Invoice on Availability Report) - Displays Current IRRS + Operating Supplement from Market Rent Table + IRRS Supplement from Market Rent Table + IRRS Rent Supplement from Market Rent Table + Any additional Supplements

What's next

Learn more about managing vacancy history and about importing market rent information in bulk.

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