Tenant Rate Optimization allows you to automatically increase tenant rates. To configure rate optimization for unoccupied units, read our article: Unit Push Rate Optimization.
To configure your tenant rate settings and plans in SiteLink Web Edition, navigate to the Company page and click Tenant Rate Optimization.
Check Enable tenant rate management. This box must be checked in order to make changes to tenant rate optimization.
Make selections for the following settings:
Thresholds For Qualifying For A Rate Change
- Minimum % occupancy by unit & area: Enter a minimum occupancy percentage for a unit group to qualify for a rate change.
- Exclude unit types and areas with less than X total units: Select this option to opt units out of rate changes once the unit group reaches a certain number of available units. Enter the threshold of available units in the unit group before rate changes will no longer be applied.
- Minimum % occupancy of the entire facility: Enter the minimum occupancy percent at your entire facility (not a unit group) for rate changes to take place.
- Days since rate was last changed greater than or equal to: Enter the number of days since a rate change was last implemented before another rate change should take place.
- Days since the move-in date greater than or equal to: Enterthe number of days since the tenant moved in before their rate is increased.
- Exclude commercial tenants: Select this option to exclude Commercial tenants from rate increases.
- Only update tenant rates that are less than the standard rate: Select this option to ensure only tenants paying less than the Standard Rate will be affected by rate increases.
- Exclude tenants with non-expiring discounts: Select this option to exclude tenants that have non-expiring discounts, such as Military discounts, from rate increases.
Pending Rate Review Before Acceptance: Highlight Special Cases
These options help you identify tenants who have drastic rent rate variances before committing to increase their rates. If a tenant falls into the criteria you set, they will be highlighted on the Pending Tenant Rate Changes screen.
- Rate change is more than (+/- %): The tenant’s pending rate change will be highlighted if it is more than the percent of their rent you enter.
- Rate change is more than (+/- amount): The tenant’s pending rate change will be highlighted if it is more than the dollar amount you enter.
- Days since last rate change is greater than: The tenant’s pending rate change will be highlighted if it has been more than the number of days you enter since their last rate change.
- Days since move-in is greater than: The tenant’s pending rate change will be highlighted if it has been more than the number of days you enter since they moved in.
- Suggested rates more than x% above standard: The tenant’s pending rate change will be highlighted if it is more than the percentage you enter above the unit’s Standard Rate.
- Suggested rates less than x% below standard: The tenant’s pending rate change will be highlighted if it is less than the percentage you enter below the unit’s Standard Rate.
Tenant Rate Increase Goal
Select one of the following options to set your rate increase goal.
- Set tenants’ rates to units’ standard rates: Use this option if you want to increase rates for tenants who are below Standard Rate for their unit.
- Increase tenants rates by a target goal percentage of the current tenants rate: Use this option to set a target percentage of tenants’ current rent rate for rate increases.
- Increase tenants rates by a target amount: Use this option to set a target dollar amount for rate increases.
Rate Change Options
- Minimum change (before rounding): Set a minimum dollar amount for rent increases.
- Maximum change (before rounding): Set a maximum dollar amount for rent increases.
- Round: Set an option to round increases if you would like.
- Do not exceed the units standard rate: Check this box to ensure rate increases do not exceed the unit’s Standard Rate.
- Review tenant rates every X Month(s): Select how often you would like to see the task in your Reminders to review tenant rates.
- Send rental rate increase notice X day(s) in advance of rent increase: Enter the number of days before a rate increase takes place to send notices to impacted tenants. We recommend 30-45 days.
- Increase for only certain zip codes: If you would like to enable rate increases for specific zip codes, you can do so by checking the boxes on the left of the line items as shown below.
Click OK to save your selections when you are done.