This feature is currently in beta, if you would to access it, check out the Available Beta's page in Re-Leased!
Understanding the Rent Escalation Scheduler
The Rent Escalation Scheduler enables you to quickly generate numerous rent escalation instances, ensuring your rental agreements stay up-to-date with scheduled rent increases.
Where to Find the Rent Escalation Scheduler
The scheduler is conveniently accessible from various points within Re-Leased:
- Within the Tenancy Wizard setup for both Residential and Commercial tenancies/leases.
- Directly from the Rent Reviews tab within a Tenancy/Lease.
- Through the Renew Term workflow process.
Key Fields and Descriptions
Term Summary
The Term Summary provides context to your Term start and end dates, along with details such as current annual rents, whether they include tax/VAT/GST, and payment frequencies, helping you accurately plan rent escalations.
Rent Escalation Details
When setting up a rent escalation, you'll encounter the following fields:
- Description: A brief narrative explaining the purpose of the rent escalation.
- First Review Date: The date when the first rent escalation is scheduled to take place.
- Frequency of Rent Escalations: Defines how often rent escalations occur (e.g. annually or once every 2 years).
- Review Type: The nature of the review (e.g., fixed increase, Stepped Rent).
- Delegate To: Assign the task to a team member for management and oversight.
- Starting Rent Amount: The base rent amount before any escalations are applied.
- Increase by: Indicates either the percentage or fixed amount by which the rent will increase.
- Number of Reviews: How many rent escalations should be scheduled, with the option to continue "until the end of the term."
How to Create and Manage Rent Escalations
- To start scheduling rent escalations, navigate to the preferred access point mentioned earlier, such as the Rent Reviews tab within a Tenancy/Lease.
- Fill out the necessary fields with the required details for your first review date, frequency, type, etc.
- Ensure all information is accurate and reflects the terms agreed upon in the tenancy/lease agreement.
- Save your changes, and the system will automatically schedule the rent escalations as per the details provided.
Existing Rent Escalations can be viewed or edited anytime within the same Rent Reviews tab to ensure your records stay current with any changes in the tenancy/lease agreement.
See these related articles for further assistance: