A Rental Agreement is how we represent a lease on your property. It is a relationship between a property unit that you own and one or more tenants, over a set period of time. Rental Agreements can have documents attached to them, so you can keep track of everything pertaining to the lease here.
The rental agreements page can be found under the Rental Documents menu item:
Creating Your First Rental Agreement
In order to create a rental agreement, you first need at least one available property and one tenant. Please refer to our guide about managing tenants and properties if you need it. Click the Create Rental Agreement button, and the dialog will open.
Start by selecting a property. If the property you selected is a multi-unit property, a separate drop-down list will appear, so you can choose the particular unit that you’re looking for.
Next, assign tenants. You can add more than one tenant if you wish. Then, fill in the monthly rent.
For a rental agreement that isn’t finalized, you can leave that in the Pending state. If you’re happy with it, move it to the Active state. The Finished state is for leases that have lapsed. You can choose to keep them around to retain documentation, or simply delete them.
The Rental Type can be either Fixed Term (e.g., a one-year lease) or Month to Month. If it’s Month to Month, the End Date is not required since you don’t have a designated end date in mind.
Rental Agreement Documents
Once you have saved your new rental agreement, to attach documents, click the Documents icon in the Action column.
This will take you to the Rental Agreement Documents page.
Click on the Upload Files button, and you can upload a file from your computer. This may be the lease file, for example.
Once you have uploaded a file, if you created an account for your tenant, they will be able to download (but not edit) this file. This is a great way to share documentation with them. You can also use the Email function on this page, which emails link to all tenants on the rental agreement to be able to download this file.
A Few Notes
Rental Agreements cannot overlap. Meaning, for the same property unit, you can’t have the start/end dates overlap for two different agreements. For example, if one rental agreement ends on May 31st, the next one can start at June 1st at the earliest.
It is important to have the Monthly Rent field accurately reflect what the actual rent is. This is used when setting up monthly rent payments.
Also, when a tenant’s lease is up and they are moving out, be sure to create a new rental agreement for the tenant(s) moving in. A rental agreement is supposed to represent the time that one or more tenants are renting a unit, and should not be extended to other leases in the future.