Your software gives you the ability to exclude one or more of a tenant’s rentals from rate changes or prevent the rental from ever incurring a rate change. Doing so is simple and takes just a few easy steps in your software.
This guide will give you some insight into:
- Allowing rentals to be excluded from rate changes
- Excluding a rental from rate changes
- Excluding a rental from rate changes at move-in or transfer
- Understanding rate change exclusion
Allowing rentals to be excluded from rate changes
If you’d like to be able to exclude rentals from rate changes, access your facility-level Tenant Settings from the Settings tab of your software.
Next, check the box next to Rate Increase Exemptions - Allow specific rentals belonging to a tenant to be exempt from rental rate increases. Then, click Save.
Excluding a rental from rate changes
To exclude a tenant’s rental from rate changes:
- Access the tenant’s page.
- Next to the rental you’d like to exclude, click Edit Rental.
- In the Monthly Rate section, check the box next to Exempt from rate increases.
- Click Save.
Excluding a rental from rate changes at move-in or transfer
If you already know you’d like to exclude a rental from rate changes when a tenant is moving into or transfering to a unit, doing so at move-in can save you the step of visiting the tenant’s page later to exclude their rental.
You can exclude a rental from rate changes at move-in during the move-in process. To do so, check the box next to Rental is exempt from rate increases in the Billing/Gate Access section during move-in.
During the transfer process, you can exclude a rental from rate changes by checking the box next to Rental is exempt from rate increases in the New Monthly Rate section of the transfer screen.
Understanding rate change exclusion
Once you’ve excluded a rental from rate changes:
- Any rate change scheduled for the rental will be canceled immediately.
- The rental will not incur any automated rate changes you’ve set in your Yield Management or Revenue Management settings.
- You will be unable to schedule a one-time rate change from the tenant’s page.
- You will be able to remove the exclusion from rate changes (by unchecking the box next to Exempt from rate changes), and when you do, the rental will be eligible for rate changes again.
- At move-out, the rate change exclusion set for the rental will be reset, and the unit will be applicable for rate changes once again.