Manage rent reviews and rent changes

Summary

A rent review is a reminder to review the rent rate on a particular tenancy and compare the rent you are currently getting to the rents being asked in that area in the current market.

This article covers:


Set the Rent Review date

  • Go to Tenancy > Current tenancies
  • Search for the tenant
  • Either
    • Click the Edit button on the right of the tenant or
    • Click the tenant's name to open their profile
  • Go to the Rent Review area

Tenancy-rent_review-general.png

  • Enter the date that you would like to review the rent
  • Put any notes in the review comment area - this is mandatory
  • Click Save & close

This will show in your reminder list on the Dashboard on the date it is due.

To review and process the rent review

In the reminder tab on the dashboard, you will see any rent reviews that are due

  • Go to Dashboard
  • Click on Reminders
  • If there are a few reminders listed here, you can use the search box
    • Search for rent review or rent review due

Reminders.png

  • Tick the rent review record reminder
  • Click on the Process button

The rent review pop-up window will appear, and you will be asked to answer the question, "Would you like to implement a 'Rent Change' for this Tenancy?"

Reminders_2.png

  • If you select YES, fill in the required fields.

The date field will automatically be set to 64 days, and the tenant will be notified of the rent increase.

  • Set the next rent review date
  • Enter a description in the next rent review comment box
  • Click Process
  • The rent change details will now be moved to the tenant rent change area and will occur 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 do not want to set a rent increase at this stage, answer the “Would you like to implement a Rent Change for this Tenancy?” with NO.
  • Set the next rent review date
  • Click Process
  • This will then set a new rent review date in the future
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