Rent Changes

Over time the rent amount paid by a tenant can change.  New rent change records can be created at any time and existing rent changes modified.  Each time a rent change is modified or created, the total balance owing from the tenant is automatically recalculated to reflect the new changes.

The rent changes screen records the date of the rent change and also the new rent amount and payment frequency.

The rent frequency can be a multiple of days, weeks, months or years.  So if the rent is fortnightly, the rent frequency would be set to every 2 week(s).

If the rent frequency is set to a multiple of weeks, the payable day can be set for the first rent change only.  If the payable day is different to the start date of the tenancy, the first payment will automatically be shorter and will contain a smaller rent amount.  Each subsequent rent period after that will be the full length and full payment amount.  The default option is for the rent payment date to be the same as the tenancy start date.

If the rent frequency is set to a multiple of months, the day of month can be set.  This can be any number from 1 to 28 only.  If the payable day is different to the start date of the tenancy, the first payment will automatically be shorter and will contain a smaller rent amount.  Each subsequent rent period after that will be the full length and full payment amount.

Note – The first rent change will apply from the start of the tenancy, even if the rent change date is before or after the tenancy start date.  When a new tenancy is created, the rent change date screen will be displayed automatically, and in this case the rent change will be hidden.