To provide your tenants with optimal transparency, you can display the following information on rental leases:

• The Maximum Rental Rate that could be charged during the first year, not just the initial monthly rent.
• Duration of Promotional or Discounted Rates

Enable Maximum Rental Rate

You can enable setting the Maximum Rental Rate of a unit in Corporate Settings under the Billing settings section. In the Configure Max Rate section, check the box next to each facility and select Yes to turn on the ability to set the Maximum Rental Rate at that facility. 

Setting Max Rate for the Unoccupied Units via Revenue Management

We added a new column Max Rate for the Facility that has the Configure Max Rate enabled.

By default, the Max Rate will be blank for all the Units.  

Using the Export option, download the CSV file.

Enter the new Max Rates in the New Max Rate column and upload the file via the Import button present on the Revenue Management. This is similar to the existing process for uploading rates. 

If the data is correct, you will receive a successful upload message. If you’re trying to fix a Unit Rate greater than the Max Rate, then the system will display an error message.

Note: Unit Rate (Standard, Channel, Better, Best, etc..) should always be less than the Max Rate.

Setting Max Rate for Occupied Units via Revenue Management

The Max Rate field is displayed below for the Occupied Units

For units occupied by existing tenants (those with an active ledger), if a Max Rate is set at move-in, the unit price is capped at this rate for 12 months. The Valid Through Date determines the end of this maximum rate period.

If you’re trying to change the Current Rent Rate to be more than the Max Rate, then the system will display this error message and will not let you proceed.

Set the Max Rate when editing a Unit Group

Max Rate column is displayed at Facility -> Settings -> Units -> Groups. You can edit the Max Rate by clicking on the Edit icon.

If you’re trying to add the Rent Rate more than the Max Rate, you will receive this error message:

Set the Max Rate when creating a Unit Group

Similar to editing, you can configure the Max Rate when you’re creating a new group.
 

Note: The same validations are applicable here. You can’t set a Max Rate more than the Standard Rate while creating a new one.
 

Set and Edit Max Rate for Facilities with Tiering

Although the Max Rate column is visible in the Tiered Pricing tab, the option to edit/set the Max Rate is only available when you navigate to the Groups tab, next to the Tiered Pricing tab.

Displaying the Max Rate on the Tenant Profile

The tenant’s quoted maximum rate (as stated on their lease) is displayed on the Tenant General page, under the Rentals section, and includes a Valid Through Date.

Displaying the Maximum Rental Rate on your Lease

You can use replacement terms to display the Maximum Rental Rate on your lease [[ledger.locked_max_rate]] and the Maximum Rental Rate expiration date [[ledger.locked_max_rate_valid_through_rate]].

An example lease is shown below with the Maximum Rental Rate at $160. For more information on how to update your lease to display these replacement terms, please refer to our help article Creating and Editing Letter Documents
 

Displaying the Duration of Promotional or Discounted Rates

When you create or edit a document (which includes leases), you can use document replacements within Edge to display this information.

Promotional and discount replacement terms include:

• [[ledger.current_promotions]] - A comma-separated list of the Description field of the active promotion(s) applied to the unit selected. For example: 25% off 3 months, Pay 6 months and get the 7th free
• [[ledger.discounts]] - The value and timeframe of any manual, one-time discounts applied at move-in. For example: One-time $5 off discount - Rent 1/1/25 - 2/1/25

For more information on updating your lease to display these replacement terms, please refer to our help article, 'Creating and Editing Letter Documents'.