How do I add a lease?

Whether you're just starting out with Buildium or you need to lease a vacant property, you need to add the new tenants and their lease information into the system.

How to add a lease

Buildium makes adding a tenant and a lease to a unit easy by creating both at the same time.

To add a tenant and their lease information to Buildium:

    1. Navigate to Rentals > Rent roll.

    2. Then, click Add lease.




    3. Select the property and unit number, then enter the lease start and end dates.

    4. Choose a lease type:


        • Fixed leases are leases that have specific start and end dates. When the end date occurs, the lease will move from active to expired, and any transactions set to post automatically (like recurring monthly rent charges or late fees) will stop posting.

        • At will leases are month-to-month leases. Setting a lease as at will tells Buildium when the tenant’s lease initially started, but since there is no lease end date, Buildium will never move the lease to expired, and it will continue to post any automatic transactions (like recurring monthly rent charges or late fees) until you manually end the lease.

        • Fixed with rollover leases are similar to fixed leases, but instead of Buildium moving this lease to expired as of the end date, it will move the lease to an at will status, which tells Buildium to continue posting monthly rent charges, late fees for you until you manually end the lease.


    5. If the lease you're adding has already been signed and is active, select Record an executed lease and track financials now.

    6. Once you’ve selected the option to record an executed lease, enter tenant information. You have two options. You can Add a new person, or Select an applicant or tenant from another unit.





    7. Fill out the add tenant form, then click Save.

    8. If you want to add co-signers or additional residents to the lease, click Add a new person and repeat the steps you just did. If you’re adding a co-signer, you can indicate that they do not reside in the unit.

    9. If you include the tenant’s email address when entering their contact information, you can create a tenant website account and send an email with instructions to sign in. 

      These options will automatically be checked off, so if you’re just getting started with Buildium, we recommend that you uncheck the boxes, so your tenants aren’t getting access before you’re fully set up. 

      You can always create the tenant website accounts in bulk once you’re ready to go live with the portal.





    10. Under the Recurring charges section, enter the recurring rent amount and how frequently you want it to post. This creates a charge that is automatically posted on the tenant’s lease ledger based on the details entered. If you’re a new Buildium customer, choose the next due date based on your accounting start date, and Buildium will use that date to post the first rent charge onto the tenant’s ledger for you.

      Follow the same steps to enter any other flat fee recurring charges, such as a monthly pet fee or utility charge

    11. Under Deposits and initial charges, enter the amount the tenant owes for security deposit and select a date. Buildium will create a one-time charge for this amount based on the information you enter here.

    12. When you’ve completed the form, click Create executed lease.


Click here to learn how to use Buildium's eLeasing to create draft leases and collect eSignatures.

 

Article #: 217934078

 

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