Policies/Permissions for Review/Approve Lease Renewals

The following property policy and permissions affect LRO Review/Approve Lease Renewals.

Note

Both the Property Policy Enable LRO renewal pricing recommendation and the user permission (in the System module) Review/Approve Renewal Pricing are required to have access to the Leasing Review/Approve Renewal Pricing menu option.

Property Policy

Setup—Policies—Property Policies—(Residential)—LRO Pricing category

The option Enable LRO renewal pricing recommendation must be selected for the user to have access to the Review/Approve Renewal Pricing menu option. This policy also gives the user permission to review and approve renewal pricing submitted by Rainmaker LRO revenue management software.

Setup—Policies—Property Policies—(Residential)—LRO Pricing category

The option Update Unit Type Market Rents during AME based on LRO pricing lets the system update Unit Type Market Rents during Accounting Month End based on LRO release rents for default lease terms.

Note

During accounting month end the following occurs when this policy it turned on:

1) The Unit Type Market Rent is set to the LRO effective rent for the Unit Type (and Sub Type, if used), default Lease term, and Lease Start date of the first date of the new accounting period.

2) Units that are do not override the calculated market rent have their Market Rent recalculated based on the new Unit Type Market Rent.

3) Units that are do override the calculated market rent are not Wait List or Construction, and that are Occupied (OC, NA, NL, NP status) will have their Market Rent set to the LRO effective rent for the Unit Type (and Sub Type, if used), default Lease term, and Lease Start date of the first date of the new accounting period.

Only the above occurs; therefore vacant units (i.e., status VA, VL, VP), Construction units, and Wait List units that override the calculated Market Rent will not have their Market Rent changed. The Market Rent remains as the user has explicitly set it in the Unit.

Permissions

System (module)—Security—Users—eSite—Leasing—Review/Approve Renewal Pricing

The permission Review/Approve Renewal Pricing must be selected for the user to have access to the Review/Approve Renewal Pricing menu option.

System (module)—Security—Users—eSite—Leasing—Lease Renewals—Override approved renewal rent

The permission Override approved renewal rent must be selected to enable users to override approved renewal rent when the Enable LRO renewal pricing recommendation property policy is turned on.

System (module)—Security—Users—eSite—Reports—Leasing Reports—Renewal LRO Pricing Report

The permission Renewal LRO Pricing Report allows the user to view the Renewal LRO Pricing report.