Creating a rent increase

You can do a rent increase through the rent review area, or you can do a direct rent increase

  • Go to: Tenancy > Current tenancies
  • Search for the tenant
  • Click on the tenant's name to open their profile
  • On the right-hand side, towards the bottom, you will see a Rent changes area
  • The first entry usually is their starting rent rate, which will match their start date

Rent_Increase.png

Note: Do not delete any other existing rent changes in the list, as they provide a history of what has been applied and used during the rent report process.

  • Click on Add Rent Change

rent_increase_1.png

  • 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 the new rent amount
  • Click Save

The change will only take effect once the paid-to-date reaches the rent change date. Once it does, the new rent rate will apply.

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 it as a credit.

For example, the old rent was $600.00 on the 1st of September, and the tenant paid $1200.00, but a rent increase of 620.00 was planned for the 7th of September. 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 whole week. Then, the 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, put the remainder as rent in credit, etc.

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