Occupied Areas and Rent to Area Allocation for Leases/Tenancies

For North American users, please be aware that "Tenancies" are known as "Leases" and "Terms & Breaks" within a Tenancy are referred to as "Terms & Options". For more information on regional terminology, please refer to our Glossary of Regional Terminology.

This article serves as a step-by-step guide for property managers on how to effectively manage Occupied Areas within a property and allocate rent over those areas for leases/tenancies. Proper allocation ensures that the lease/tenancy schedule accurately reflects rent rates per unit of measurement, such as square meters (m2), square feet (ft2), hectares (ha), or acres (ac).

Understanding Occupied Areas for Leases/Tenancies

Occupied Areas are specific parts of the property that are in use or assigned to a Lease/Tenancy. You can view and manage these Occupied Areas to maintain up-to-date records and ensure that each lease/tenancy is accurately represented in your system.

Viewing and Adding New Occupied Areas against a Property

To view details of an Occupied Area or to add a new one:

1. Head to the Areas tab against the related Property to review the areas. 
2. Unassigned areas are listed separately. To view or edit an area's details, such as annual market rent and size, click on the Edit option.
3. To add a new area, select the +New Area button.

Note: You can only archive areas that are not currently assigned to a lease/tenancy.

Allocating an Area to a Lease/Tenancy

1. Select the Lease/Tenancy and navigate to the Occupied Areas tab.
2. Click the +Add Area button.
3. Search for and tick the area to add to the lease/tenancy then click Save.
4. Adjustments to these areas can be made within the Property Areas section as needed.
   
   

Removing an Area from a Lease/Tenancy

1. Select the Lease/Tenancy and navigate to the Occupied Areas tab.
2. Simply click the red minus button next to the area you wish to remove.
3. You can also change the unit of measurement for the total area if needed.

Rent to Area Allocation

Rent to area allocation divides the lease/tenant's rent across the property's different areas. This feature helps to calculate and display a rate per unit of measurement on the lease/tenancy schedule, offering a clear breakdown of the rent distribution.

Editing Rent to Area Allocation

To alter how rent is allocated to each area:

1. Head to the Occupied Areas tab against the lease/tenancy and click Edit Rent to Area Allocation.
2. Here you can adjust the rate per unit of measurement or the annual rent. Altering one will automatically update the other.
3. These details are instrumental for reporting and should be completed thoroughly.
4. Once all adjustments are made, select Save.

Generating the Tenancy Schedule / Rent Roll Report

The Tenancy Schedule / Rent Roll Report provides a snapshot of the financial distribution across the property's areas. For each area associated with a lease/tenancy, the report details the annual rent and the rate per unit of measurement.

By following these guidelines, property managers can ensure that Occupied Areas and rent allocations are managed efficiently, providing clarity and accuracy in financial reporting and maintaining the integrity of the tenancy schedule/rent roll.