Lease renewals in Buildium makes it easy to send bulk renewal offers to tenants with new proposed terms, and to set up a lease to renew automatically at the end of the current lease.
Lease renewals offers flexibility to update lease terms, add or remove tenants, and update renters insurance information. When the lease renews, Buildium will automatically transfer over all notes, files, lease ledger balances and credits, as well as security deposits, other liabilities and tenant website information in one seamless process.
To initiate a lease renewal:
- Navigate to Leasing > Lease renewals.
- Any leases that are set to expire in 120 days or less will appear on this page.
- You can see the terms of the current lease, and enter the proposed terms for the renewal. You have the option to propose terms for both fixed leases and at-will leases, or select one or the other.
- Once the new lease terms have been entered, use the checkbox to the left of a lease to select it, and click Generate renewal offer mailings.
- You'll be brought to the mailing page, where the renewal offer mailings will generate. Once generated, you can send the offer letters by mail or by email using Buildium's mailing feature.
How to renew a lease once an offer has been accepted:
- Once you receive the acceptance of a lease renewal offer, navigate to Leasing > Lease renewals.
- In the status column to the right of the current lease, click Renew.
- On the Renew lease page, adjust lease terms if needed, and click Renew with eSignatures to create an electronic lease to be sent and signed through Buildium, or click Renew now.
- When you select Renew now, the tenant's personal information, website account status, and new recurring rent charge information will automatically populate based on the information entered.
- If the tenant has any outstanding balances on their current lease, those charges will migrate over to the new lease, along with the security deposit that has already been paid.
- When the form is complete, click Renew lease.
When the lease renewal is completed, you will see a pending renewal until the expiration of the current lease. At that point, the software will transfer all information to the new lease, including the security deposit. The transfer of the security deposit will be reflected in both the tenant’s lease ledger as well as the bank account indicated.