Do you have a property that is having a rent increase? Or, looking to keep track of a rent escalation on one of your properties? In STRATAFOLIO, you can keep your rent escalations organized in the Lease Rate tab of the Lease Page.
Adding a Lease Rate
Our first step in adding a lease rate is to open the Properties tab on the left-hand navigation. Once the Properties tab is open click on the Leases button. After doing that, it will take you to the All Leases page.
Now that you are on the All Leases page identify the lease that you would like to add a lease rate to and select that lease by clicking on the “i” button as shown below.
Now that you are on the individual tenant’s lease page click on the Lease Rates tab highlighted below. Once in the Lease Rates tab, you will notice the lease rates that have already been recorded in STRATAFOLIO. To add additional lease rates, click on the Add Lease button highlighted below.
After clicking the Add Lease button, the Add Lease Rate popup appears. In the Add Lease Rate popup you will input:
- Lease Start and End Date
- Base Rent and Base Rate
- Lease Rate Confirmation (The lease rate will be unconfirmed if the rate is based on the Consumer Price Index (CPI)
- Late Charges and Lease Rate Notes
- Payment Due on Monthly on Day
- Additional Charges (If any)
Now with the new lease rate information added and saved, you will see all your lease rates for your tenant.
It is important to keep track of all your lease rates in STRATAFOLIO, as it will give you an excellent way to monitor your rent escalation over time. And by tracking your lease rates in STRATAFOLIO, you can also set up alerts to remind yourself when these go into effect so you can alert your tenants. Additionally, this is also helpful if you want to invoice out of STRATAFOLIO, so your most current lease rate is showing on your invoice.
If you have any suggestions about what kinds of functionality you would like to learn more about in STRATAFOLIO, let us know. Send us an email at [email protected]