A rent review is a reminder to review the rent rate on a particular tenancy. It is a reminder to compare the rent you are currently getting to the rents being asked in that area in the current market.
To set the Rent Review date:
- Find the required Tenant.
- Click on the Tenant Name or click EDIT.
- Go to the Rent Review area.
- Enter the date that you would like to review the rent.
- Put any notes in the review Comment area - this is mandatory.
Once you click on Save and Close, this will show in your Reminder list on the Dashboard on the date it is due.
In the reminder tab on the dashboard, you will see any Rent Reviews that are due. To Review and/or Process the Rent Review:
- Tick the Rent Review record reminder and click on the process button
The Rent Review popup will appear and you will have the choice to answer the question
"Would you like to implement a 'Rent Change' for this Tenancy?"
- If you click 'YES', fill in the required fields. The date field will automatically set to 64 days to allow for the tenant to be notified of the Rent Increase.
- Set the next Rent Review date enter a Next Rent Review Comment.
- Click on PROCESS
The rent change details will now move over to the tenant Rent Change area and will happen on the day it is due.
Note: The rent change will take effect on the paid-to date reaching the same date as the rent change. It works off the paid-to date, not the actual current date.
If you don't want to set a rent increase at this stage, then just answer the "Would you like to implement a Rent Change for this Tenancy?" with 'No'.
Set the next Rent Review date and click PROCESS. This will just set a new Rent Review date in the future.