Monthly Rent Mod Schedule as follows

1^st of the month – Leasing generates the list of Leases to expire within a given month (1^st-31^st); 3 months ahead. Create and Excel Spreadsheet for each site CA1, 2, 3 ex. (expires 01/01/19 – 01/31/19; the rent increase will be effective 02/01/19 and therefore the list needs to be generated 11/01/18)

 

1^st – 9^th Run Comparable Rental Analysis and Rent Range reports for each property and update the Excel spreadsheet.

10^th of the month – Excel list and Analysis to be given to Management to proof and update final column on Excel Spreadsheet

12^th of the month – Excel list and Supporting Analysis to be given to Accounting Department to generate Letters to Owners regarding recommended increases

15^th of the month – All Letters to Owners should be emailed and mailed to respond by the 26^th of the month or we default to provide options to resident without any changes.

As Signed letters come back from the owners, they need to be sorted into the stacks, replacing the unsigned copy, that are kept in the same order as the Excel List.

26^th of the month – Letters to residents are emailed and mailed; Cover letter regarding insurance requirements and Rent Mod elections providing options for a 12 month lease or Month-to-month increase effective in 60 days and to reply by the 15^th of the month prior to the effective date, or the modification will default to the Month-to-month option. (note: this cannot be done any later than the 30^th of the month to be compliant with the 60-day notice requirement)

As Signed Modifications come back from the residents, they need to be sorted into the stacks , replacing the unsigned copy, that are kept in the same order as the Excel List.

15^th of the month prior (effectively 45 days after the Rent Mod was mailed) All Rent Mods are to be stamped with Management’s signature. If no election was made by the resident, then the election of Month-to-month should be selected. All Rent increases are to be updated in the proper Resident Detail Rent Sections.

20^th Rent Receipts can be printed with updated Rent Rates owed- Additionally the Bulk Rent Post screen will also reflect the current rent rate owed.

All Rent Mod Packets can be scanned and uploaded to each Resident File Cabinet.

The packet should include; in this order;

1. Rent Modification
2. Cover letter for modification
3. Letter to owner for suggested rent increase
4. Comparative Rental Analysis
5. Rent Range Analysis