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.
Completing a rent review for a past period can be essential for keeping tenant accounts accurate and up-to-date. This process can adjust historical rents and ensure that any backdated amounts are accounted for correctly. We'll guide you through the steps of reviewing past rent amounts, applying rent changes, and if necessary, raising an invoice for any balance owed because of the increase.
How to Conduct a Past Rent Review
Executing a past rent review involves a few key steps. By following these instructions, you'll be able to update the rent amount to reflect the reviewed rate, and the system will calculate any backdated charges.
Selecting Rent Review and Changes
- Begin the rent review by navigating to the tenancy and selecting the option to Perform Rent Review.
- Determine if there has been a change in rent by selecting the suitable option.
- If there is an increase, update the increase amount or percentage as appropriate.
Applying the New Rent Template
A new rent template is created based on the rent review details:
- The system will generate a new rent template starting from the rent review date.
- This new rent figure will be billed starting from the next charge due date.
Raising the Balance Owed Invoice (Optional)
If there is a balance owed because of the rent review:
- You will be presented with the Rent Adjustment Details for the new amount. This will show how the adjustment has been calculated.
- You need to select Create Invoice if you wish to form the invoice. You will have the option to adjust the invoice, if needed, before you approve it.
- Should you decide not to raise an invoice at this time, you can complete the rent review process by selecting to skip this step.
Performing a past rent review ensures that your tenancy records are accurate and ensures that tenants are billed correctly for any rent changes that should have been applied historically.
Remember, no invoice will be automatically raised if you choose to skip this step during the rent review process. If you wish to charge the tenant later, you will need to manually raise the invoice.