We’re excited to announce that we have drastically simplified our renewals process and added more automation to take work off of your plate.
Now, you can:
- Renew existing leases without juggling multiple lease ledgers or transfers
- Schedule renewals and related charges months in advance
- Store historical information, like initial lease dates, in a single place
- Renew Expired leases
Table of contents:
- Renewing Expired lease
- Current and proposed terms for lease renewal
- Entering custom terms on a lease renewal
- Moving out tenants when renewing a lease
- Changing and updating recurring charges when renewing a lease
- Stop recurring charges after a renewal
You can now renew an expired lease going back 240 days. Expired leases will show on the renewals page. You can renew leases multiple times.
- Note: you will not be able to renew future leases, at will leases, and past leases.
Current and proposed terms for lease renewal
- When renewing a lease, the current terms will display the property, unit, start-end rent and lease type of the current lease (prior to the renewal) for reference. This information is read only and cannot be edited.
- The rent will pull from the rent that will be effective at the end of the current lease term
- Underneath the section for renewal terms, you will see the option to select one of the two proposed terms entered on the previous page which will default the new lease end, type and rent.
- PLEASE NOTE: you cannot enter split rent charges using the proposed terms section. This should only be used with single rent charges. If the have a more complex rent set up, you can use the option for entering custom terms.
Entering custom terms
- When you select the option to enter custom terms, you can specify the lease type, end date (if applicable) and rent.
- If the rent is split into multiple charges, you can set this up under the custom terms option
- You will be able to select any income account under the rent section
- The rent will start on the renewal date and will charge according to the next due date entered on this page. Posting days will use the global default. The next due date must be on or after the renewal date.
- The memo will default to rent unless you enter a new note
Moving out tenants or removing cosigners when renewing a lease
- If the person is a tenant, their profile can be edited or they can be moved out (previously, this was an option to remove rather than move out since a new lease was created.)
- The tenant’s move out date must fall between the original lease’s start and renewed leases end date
- When a tenant is moved out they fall into a former section. Their move out can be undone if it was done by mistake and need to move the tenant back onto the lease
- If the person is a cosigner, their profile can be edited or they can be removed from the lease
- If the cosigner is removed, they fall into a former section. Their removal can be undone by clicking restore if it was done by mistake and need to move the cosigner back onto the lease
Changing and updating recurring charges when renewing a lease
- Any recurring charges that are set to post “until end of term” on the existing lease will show under the recurring charges section
- In order to make adjustments or stop the recurring charges on the lease, you can toggle this section to “yes”
- Saving adjustments to recurring charges
- When you make a change to an existing recurring charge, the system will create a brand new recurring charge to begin on or after the renewal date
- The existing recurring charge will continue to post until the renewal date
- Existing recurring charges that were edited will continue to post unless the next due date is on or after the renewal date
- If you have multiple recurring charges in this section, select “yes” to change
- You can make changes to some or all of the recurring charges
- Charges with edits will have a new recurring charge created
- Changes with no changes will continue to post for their entire duration
You can add a new recurring or one time charge while renewing, and the next due date for new recurring charges must be on or after the renewal date (but can post in advance)
New recurring charges will use the default posting day (which is set in the global resident defaults)
Things to note:
- New recurring charges cannot hit our default rent income account or any sub accounts of it (rent should be set under rent)
- Customers can add a new one time charge
- If the next due date minus post days is on or before today the charge will post to the ledger immediately
- If the next due date minus post days is after today, the charge will be set up as a scheduled one time recurring charge
Stop recurring charges after renewal
You will be able to say that a recurring charge should stop posting after the lease is renewed. When you stop a recurring charge, the system will use the next due date to determine if it should or should not post.
- If the next due date is before the renewal date, the charge will post
- If the next due date is after the renewal date, the charge will not post
- If the next due date is after the renewal date but is set to post in advance, the charge will not post
IMPORTANT NOTE: Rent Proration
- The current rent proration functionality will not work when extending the existing lease
- If you would like to enter in prorated charges, you can do so manually by utilizing the one-time charge function