Property Policies for Lease Renewals

The following property policies affect Lease Renewals:

Setup—Policies—Property Policies—Lease Expirations category

The option Automatically change to MTM lease if lease is expired must be selected for the system to change the lease to a month-to-month lease.

The option Automatically increase base rent to market if MTM lease must be selected for the system to increase the first active recurring charge for an income code of type Rent to the market rent for each resident with a lease term of MTM during recurring charges billing.

The option Keep current base rent if higher than market rent must be selected for the system to apply the current base rent to all lease expiration and move-out calculations if it is higher than the market rent.

The option Automatically add MTM recurring charge if MTM lease must be selected for the system to add a MTM recurring charge for each resident with a lease term of MTM during recurring charges billing.

The option Income code for MTM charge must be established.

Setup—Policies—Property Policies—Data Collection category

The option Require lease dates must be selected for the system to require a lease begins date and lease ends date be entered during the move-in or renewal process.