Scheduling a rent increase is as easy as adding a new recurring rent charge scheduled to start in the future. When this new recurring rent charge starts, the old recurring rent charge ends, effectively scheduling the rent increase for the lease.
You can also schedule a rent increase as part of creating a lease renewal.
Note that while you can schedule multiple recurring rent charges for the future, you can only have one active recurring rent charge at a time.
You may have already added one or more recurring rent charges when you originally created the lease. However, you can add recurring rent charges later to schedule rent increases.
From the main menu, click Leases and then click Active Leases.
Find the lease you want to schedule a rent increase for, and click on it. You can either sort the list by the various columns and filters or use the Search leases search bar.
Click on the Rent tab and then the Recurring Rent button.
On the Recurring Rent window, enter the following information:
Start Date: set the date you want the new rent to begin. If you have an existing recurring rent charge, it will end and the new charge will begin as of this date.
Frequency: set how often you want the rent to occur on the lease. For example, a monthly recurring rent charge will post every month on the same day of the month as the start date.
Account: choose the revenue account for the rent charge (likely Rent).
Description: enter an optional explanation for the rent charge. What you enter here is what the tenant will see on their lease ledger in the tenant portal. If you leave it blank, the tenant will just see the word “Charge.” You will also see this description in the “Memo” column in relevant reports.
Amount: enter the amount for the new recurring rent charge.
Add Line Item: use this link to add additional charge items if needed. What you add as additional line item charges will also show up on your Rent Roll report as part of the amount in the Rent column.
Add Memo: add an optional note for your reference when reviewing the charge later.
Add any relevant files (optional) and click Save.
You’re finished! This new recurring rent charge will begin adding charges to the Transactions tab of the lease when it is scheduled to start. You can add as many future recurring rent charges as you need, so feel free to schedule all your rent increases now and you won’t have to worry about them in the future. You can also edit recurring rent charges if necessary.
Note that the current Recurring Rent Schedule will remain Active until the date that the new Recurring Rent Schedule begins. At this point, it will become Expired and the new Recurring Rent Schedule will take over and become Active.
Learn how to Edit and Delete Recurring Lease Transactions.
Learn how to communicate with a specific tenant through DoorLoop to notify them of their rent increase.