You can do a Rent Increase through the Rent Review area or you can do a direct rent increase
- Go to the current tenant list
- Find the required tenant and click on tenant name (Or click on edit)
- On the right-hand side towards the bottom, you will see a Rent changes area
- The first entry is normally their starting rent rate which will match their start date
DO NOT DELETE ANY RENT CHANGES
- Click on Add Rent Change
- Palace will auto fill with a date 64 days in advance (Check that it falls on the correct day of the week that matches the start date)
- Enter in the new rent amount
Then click Save
The change will not take effect until the paid-to date reaches the rent change date. Once it does, the new rent rate will apply.
NOTE: Do not delete any of the other existing rent changes in the list as they provide a history of what has been applied and are used during the Rent Report process.
Note: Please be aware that if the tenant has already paid a bulk amount that goes at the old rate that goes past the new rate, Palace will stop at that date and show as a credit
For example Old rent is $600.00 on the 1st of September, the tenant paid $1200.00 but a rent increase for 620.00 was planned for the 7th of September. So Palace will take the $600 it will receipt a week to the 7th and then put the remainder $600 out as a part payment because it does not have enough for a full week. Then next time the tenant pays, it will take the $600 and add it to the amount the tenant pays and use that to pay the rent and put the remainder as a Rent in credit etc.