Those located in Asia-Pacific and Europe will use the term Tenant, where customers located in North America will use the terms Lease. For the purpose of this article, we will refer to it as Arrears and Tenants. For more information on regional terminology, refer to this article or contact support.
Before performing a rent review in Re-Leased, please note:
- You will have the ability to create a pro-rata rent invoice should your review date fall outside of the payment cycle of your tenant; the system will also create the applicable invoices should you perform the review at a later date after the invoices have generated & have been paid at the old rate. This step can be skipped if you prefer.
- 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.
Rent Reviews can be performed from a Calendar Dashboard Notification, or within the Rent Reviews tab of the tenancy.
- Click Perform Review.
- Select Yes dropdown under Has the Rent Changed.
- Enter the new Amount or confirm the Increased Percentage.
- Enter any Notes required.
- Click Continue.
The next step creates the new rent template at the new rate. This starts from the next rent period to be invoiced. Click Save
This screen explains the updates to the rent that will be applied. The top section shows the charges that will be applied for the prorated period at two rates, the old rate from the start of the period to the day before the review date. The second from the review date to the last day of the rent period at the new rate. Below the details of the new rent template are displayed which will come into effect on the following rent period.
Example; The Bank of Life's rent review date is the 1/11/22, however their rent is due on the 9th of each month. By preforming the review, the system will create the following invoices;
- 1/11/22 - 8/11/22 to cover the pro-rated portion and keep in line with the pay cycle of rent being the 15th of the month
- 15/5/23 -14/6/23, to covers the new monthly increased amount
This step also reviews any invoices that have already been generated past the review date.
For the prorated rent period where the review date falls in you will see two lines. The first line shows the days from the first day of the rent period to the day before the review date, which is charged at the old rent rate.
The second line is from the review date to the last day of the rent period, which is charged at the old rate. You can see the amount that was previously invoiced, the amount that should have been invoiced and the difference that still needs to be charged.
Any other future dated invoices are also displayed, with the difference still to be charged.
Click Create Invoice or Skip
When there are previously generated invoices that cover the rent period the review date falls in or any rent periods following that.