There are three types of rent increases available:
Tenant Rent Increases raise the rent on current tenants.
Unit Rent Increases raise the underlying unit rent, also known as "market rent." This is the rent that is charged to new tenants when the unit turns over.
Rent Control Rent Increases raise the rent on tenants within the limits prescribed by local and regional rent control measures.
This article describes the first two types.
Note: This article describes how to update tenant or unit rents in bulk. It's also possible to increase the rent one tenant or unit at a time.
You can increase a single unit's rent by editing the market rent on the unit screen, and you can increase a single tenant's rent by adding a new scheduled charge for the increased rent amount.
Prerequisites
Tenant rent increases can only be set up within the tenant lease period. Before you start, you should check the Lease To dates on the leases you are going to update and change them if needed.
To increase rents
Go to Accounting > Accounts Receivable > Rent Increase.
By default, the screen displays the fields for Tenant Rent Increase. Select Unit Rent Increase if needed.
Complete the filter.
The following fields require explanation:
Type | % of Rent: Increase the rent by a percentage of the current rent. Flat $ Amount: Increase the rent by a dollar amount. |
Lease Expires From/To | Filter leases by a date range. Note: These fields do NOT change the lease dates on tenant records, they are only used to filter the tenant records. |
Rent Increase Effective MM/YYYY | Enter a start date for the new lease charges. |
Months since Last Increase | Filter lease by the number of months since the last rent increase. The number is a minimum -- at least X number of months since the last increase. |
Click Display. Breeze lists the tenants (or units) and shows the rent increases.
You can exclude tenants (or units) as needed.
Click Save. Breeze increases the rents.
Note: If a Tenant is not appearing in the list, this could be due to a less than one-month Schedule Charge for Rent. You should review the Tenant's Scheduled Charges as you may need to delete that first to see the Tenant appear in the list to increase the Rent Charges.
For a Tenant Rent Increase, new lease charges are created for the new amounts. For a Unit Rent Increase, the market rents are changed. Market rent is the amount shown on the Units tab of the Property screen (or the Property page of a Single Family Home).
To view a Tenant Rent Increase, you can open the Tenant screen and go to the Current Scheduled Charges tab. The top line shows the new rent.
Market Rents and RentCafe
Changes to market rents are not reflected immediately on the RentCafe website. There is a nightly task that looks at unit details in Breeze and updates the listing accordingly. For example, if you increase a unit's market rent, the change will appear on RentCafe the next day.