This video will show you how you can make changes to your rental amount step by step.
During a lifespan of tenancy, rental changes do happen, from rental increases, to rent reductions, on a one-off basis or for longer periods as long as it has been agreed as a landlord, it is really important to be on top of this the reason why it's important to stay on top of this is to make sure that the cash flow is in line with the expected rental income.
For example, sometimes you might find yourself in a position where you've needed to put the rent up on a tenant and after an increase in rent has been agreed, this needs to be reflected in the expected payments from the date of the agreement.
So start by going to the ‘Tenancies tab'.
You can see here that the rent used to be ‘£345.00’ for example, and that's what the tenants were paying every month up until March when the new rent started.
Due to the change in the rent, it is still showing the old rent due amount.
Click on the ‘Edit tenancy’
Change the rental amount to the new amount;
For example ‘£420.00’ and click save.
A box will pop up with two options here.
You can either ‘Apply this to the entire tenancy.’ which would take it all the way back to when the tenant moved in.
In our example, we pick the other option: ‘Apply it to form a specific date’ and set the date of the rent change to 28/05/2021. Don’t forget to hit ‘save’.
Now from 28th May, the rent due has increased to ‘£420’ and all the arrears balances have disappeared.