You have a new lease from a tenant and are trying to enter it into STRATAFOLIO. What do all of the different statuses mean and which is the best for this specific tenant? Which ones are going to be automatically updated for me and which ones will I need to change?
So if the lease statuses in STRATAFOLIO will automatically change for you when you have reached the lease start or end date. This way, you are able to enter a lease before the actual start date. You can also be assured that when the lease end date happens, the lease will expire and not show up on the Rent Roll. Hopefully this will make the management of the leases easier for everyone involved.
Finding the Lease Status
Go to the Lease Abstract view. Click on the Edit Lease button.
The Lease Status is to the right of the Lease Type. This is a dropdown menu.
The choices are as follows:
- Future Lease
- Notice – Available to Rent
- Breach of Contract
- Eviction Started
We will go into each of these in a little more depth and how STRATAFOLIO tracks each one of them.
A Future Lease indicates the unit is rented, a lease has been signed, and the tenant is set to move in at a future date. This allows you to enter the lease into STRATAFOLIO before the lease start date. This is especially helpful when there is build-out that needs to be done and the exact start date is unknown. You can enter it any time you would like to and on the day that the lease starts, it will change to Occupied.
An Occupied lease is one where there is a tenant in the space, they are current on payment obligations, and the lease terms have not expired. These are the current, active leases that will show up on the Rent Roll.
- Month-to-Month – A Month-to-Month lease is a lease that has reached its agreed-upon end date, and the tenant has opted for a short-term stay. Or, the tenant chose to select a Month to Month contract rather than making a long-term commitment.
- Year-to-Year – A Year-to-Year lease is a lease where the tenant has the option to renew at an agreed-upon rate for an agreed-upon number of years, or they can opt-out at the end of any of the years.
- Expired – An Expired lease has reached its end date without breach of contract.
- Notice – Available to Rent – A Notice – Available to Rent lease indicates the tenant has moved out, but the lease terms have not yet expired. Therefore, a new tenant can move in and take over the existing lease until the lease expires.
- Breach of Contract – A Breach of Contract lease is a lease where the tenant breached the terms set in the lease. The breach could be related to the tenant going out of business, or any other violations of the terms set in the lease.
- Eviction Started – An Eviction Started lease is a lease that has begun the proper legal eviction process for the removal of the tenant.
- Evicted – An Evicted lease is a lease that has completed the proper legal process for the removal of the tenant, and the tenant has been evicted from the premises.
With the Month-to-Month and Year-to-Year lease statuses, the latest lease rate will continue every month until the lease is stopped or until a newer lease rate is entered.