Maintenance Tab Fixed Assets Tab Tasks Apply Rent Increase to Unit
This task is used to apply a Rent Increase due to a fixed asset addition (IAI - Individual Apartment Improvements, DHCR Fact Sheet 12 - Rent Adjustments for New Services, New Equipment or Improvements to an Apartment). The monthly increase is calculated as 1/40th of the purchase price plus the cost of delivery and installation.
All Fixed Asset Additions where the "Rent Increase Applies" parameter has been selected and that have NOT yet been applied to a unit with this task, will be gathered into this task and applied to the unit at once. If the fixed assets fall into more than one effective month (i.e. - first month they will be billed), then they will be combined into one row representing the start of the billing of the rent increase and you will have multiple rows for the different effective date that the increase will start billing. For example, if you have 3 fixed assets that have rent increases to be applied to the unit and 2 have installation dates in January and the other one has an installation date in February, then you will have two rows of rent increases (and 2 resulting Gross Rent Changes). One for the rent increase that starts billing February 1st (2 fixed assets with January installation dates), and one for the rent increase that starts billing March 1st (1 fixed asset with the February installation date).
Rent Increase will always start billing the 1st of the following month after the installation date.
The fixed asset must have already be added to the unit.
Unit Detail Maintenance Tab Fixed Assets Tab Tasks Apply Rent Increase to Unit
Review the Rent Increase(s) for Fixed Asset Additions and
Click Finished to apply the Increase(s).
After successful completion of this task:
The Fixed Assets will be marked as Applied on the Unit Detail > Maintenance > Fixed Assets tab.
The Unit Detail > Compliance / Rent / Transaction History tab will show the resulting Gross Rent Change.
The Household Detail > Transaction Tab will show the resulting Gross Rent Change transaction.
The Household Detail > Accounting > Receivables tab will have a new Rent Scheduled Item reflecting the new Rent once the transactions have been owner/tenant signed.
