Within Re-Leased there are a few ways to perform a Rent Review. It is important to note, when performing the rent review, this will only adjust the first line of rent under the current Rent & Outgoings template, any other line items will need to be adjusted manually.
- Click on the rent review reminder on the dashboard
- Click Perform Rent Review
- Select a Tenancy
- Click Rent Reviews on the left menu
- Click on the Perform Review button beside the next rent review (if there is no next rent review add a rent review first)
- Perform a Bulk Rent Review. For more information see Bulk Rent Reviews
If the rent is not changing, make any notes and click Continue then Save. This completes the rent review.
If the rent is changing, depending on the Review Type, you'll need to either enter a percentage, or change the amount.
If the percentage change in rent is directly linked to market inflation levels, you can click on Price Index Reference Table to pop up the latest published inflation figures. You can just click on the relevant month's/quarter's figure, and it will automatically populate that through to the Adjustment Percentage in the Rent Review.
Price Index Reference table:
You can view, edit and add Review Types in your Settings under Review Type.
Tick the checkbox to change the rent review type from an amount to a percentage change:
After clicking Continue you will be taken to edit the new rent invoice template.
Next confirm the new rent template. The updated rent amount will be showing, based on the percentage or amount changes you have already confirmed, along with any template lines marked as Outgoings from the current rent.
The new template 'First Payment' date must line up with the current rent template for the tenancy. If the rent review is not due on the same date as the rent, select the due date which follows the rent review and raise a supplementary rent invoice using the option to 'raise once off rent invoice' on the Rent and Outgoings page of the tenancy (same method as raising invoice for past rent).
Make any changes as required and click Save.
Note: A warning message may occur when performing certain rent reviews as displayed in the example below.
This occurs when a Rent Review Date is being performed prior to any Rent Template’s date on file within the Tenancy’s Term.
The system requires all the details of invoicing rent just prior to Rent Review Date, to determine any retrospective adjustments for rent paid at the old rate versus the new rate. This may be found by going to Rent & Outgoings > Rent > reviewing the Current and Past Rent Templates, ensuring a Template’s First Day of Full Billing Cycle has been setup to cover the Rent Review timeframe.
Past Rent Templates may not be available, if:
- Prior Rent Templates have been Archived
- Current Rent Template’s First Day of Full Billing Cycle has been updated instead of creating a New Rent Template
- Rent Template history wasn’t initially added when the Tenancy was setup
To be able to perform the rent review:
Create a new Historic Rent Template, ensuring the First Day of Full Billing Cycle is prior to the Rent Review Date.
For example, if the Rent Review is January 1st 2023 and bills out monthly on the 1st, setup a new historic Rent Template to capture the rent billing for December 1st 2022. This historic Rent Template will then display under the Past Rent section and will allow a Rent Review for January 1st to process.