Overview
To schedule a rent increase, all you need to do is create a new recurring rent charge scheduled to start on a future date. 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: You can schedule multiple recurring rent charges for the future, but only one of those will be active at any given time.
The Steps
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. For this, you will be using the Recurring Rent button and not the Recurring Charge button.
To schedule a rent increase and a new recurring rent schedule, click Leasing on the main menu and then click Active Leases.
Find and click on the lease you want to schedule a rent increase for.
Click on the Rent tab and then click 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. The existing rent charge will expire and the new charge will begin as of this date.
Frequency: set how often you want the rent to occur on the lease.
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.”)
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: The new recurring rent charge will show as "Future" in the Status column. The current Recurring Rent Schedule will remain Active, and will not show an expiration date. However, it will expire once the new Recurring Rent begins. The old recurring rent will show Expired and the new one will become Active.
Also, you do not need to set an expiration date for any of the recurring rent schedules. The system will handle the expiration automatically when a new rent schedule begins.
Tip: It is recommended that tenants be informed of rent increases so they can adjust any auto-pays they may have to the new amount. You can either use the Announcement feature or send them an SMS Message via the Communications Center.
Next Step
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.