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Does Renew Lease prorate the recurring charges?


Instruction

Possibly...it depends on your settings!

In Admin > Property, within the settings is this check box to turn this feature on:

If you DO have this option checked:

When you do Post Recurring Charges, any leases that are expiring or renewing will be charge prorated rent. Part of the month will be at the old rate and the remainder will be at the renewal rental rate.

Note: If the PR (Pending Renewal) lease is not signed, ResMan will prorate the remainder of the month at Market Rent (not the new rent amount).

 

If you do NOT have this option checked:

When you do your Post Recurring Charges for the first on the month, ResMan will take a look at the recurring charge schedule for the CURRENT lease...and bill those charges.

Example: Their lease is renewing on 4/15.

  • For April, ResMan will bill based on the rent in the "old" lease
  • For May, ResMan will bill based on the rent in the "new" lease
  • No charges will be assessed or credited on 4/15.
  • If the resident's charges are changing in the middle of the month and you WANT a Pro-Ration, you will need to adjust their charges manually.

NOTE: Be sure that you perform Sign Lease first… if you want the system to automatically do the renewal for you!

 

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