Changing rent rates is a regular occurrence in the storage industry. storEDGE offers two methods for changing existing tenants' rates.
Changing an Existing Tenant's Rent Rate
The first method for changing an existing tenant's rent rate is through the Change Rent Rate button found in the tenant's profile.
1. Navigate to the tenant's profile and click the Change Rent Rate button.
2. A popup window will appear. It displays the tenant's current rent rate and a drop down menu listing 3 choices.
- Exclude = Do not include this tenant in the pre-existing managed revenue plan for the tenant's unit group.
- One-time = Immediately increase or decrease the tenant's rent rate or to schedule a single future rent increase or decrease event.
- Use revenue plan = Include this tenant in the pre-existing managed revenue plan for the tenant's unit group.
3. Select One-time.
4. Click the drop down menu to choose how you would like the amount changed. You can choose to change the rate by a dollar amount, change the rate by a percentage, or change it to a new flat rate.
- If you want to increase rent by $3.00, choose by $ and enter $3.00 in the amount field.
- If you want to decrease rent by $3.00, choose by $ and enter -$3.00 in the amount field.
If you want to make the rent $0 You have to update the dollar amount by the full rent amount. Ex. If rent is $100, to make it a zero rate change it to “by $” then -100 and it will set the rate to $0
- If you want to increase rent by 10%, choose by % and enter 10.00 in the amount field.
- If you want to decrease rent by 10%, choose by % and enter 10.00 in the amount field.
- If you want to change the rent from $5.00 to $20.00, choose to a fixed rate and enter $20.00 in the amount field.
- If you want to change the rent from $5.00 to $2.00, choose to a fixed rate and enter $2.00 in the amount field.
5. Enter the Effective on date to schedule the rate change. The earliest date a rate change can be scheduled is determined by your settings. You can override the settings by clicking the Force rate change on selected date box.
6. Note the Future rate amount to ensure the rate changed to what you want it to be.
7. Click Save.
The tenant's profile will update with the scheduled rate change. Note: (1) You may need to refresh your screen to see the Next Rate Change section update. (2) If you schedule the rate change for today's date, the Rate section will update and the Next Rate Change section will say "No rate change scheduled."
To cancel the upcoming rate change, click the Edit Rate Change button. Then click the Cancel Rate Change button.
The second method for changing an existing tenant's rent rate is through the Yield Management section of your account. This option allows you to change multiple tenants' rent rates at once. For more information on using Yield Management to change existing tenants' rent rates, see the Yield Management help article.