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Tip of the week: Episode 39 - managing month-to-month leases
Rentvine is rolling out a more streamlined way to manage month-to-month leases. In this week's Tip of the Week, Cristian Torres walks through the new workflow, from building premiums to converting and renewing leases, inside a live Rentvine account.
What's changing
The new month-to-month premiums feature lets you configure exactly how these leases work. You name the premium, choose a rent increase type, and set the recurring or one-time charges tied to it. Once a premium is built, you can come back anytime to edit, adjust, or delete it as your process changes.
What you can do with it
Cristian walks through the workflow end to end:
- Build custom month-to-month premiums in Global Settings, setting the name, rent increase type, and recurring or one-time charges.
- Edit, delete, or adjust a premium at any time after it's created.
- View every month-to-month lease from the Renewals section, with options to convert to fixed term, view lease details, or apply a premium.
- Build offer letters that give residents a choice between fixed term and month-to-month terms, each with different pricing.
- Set a lease to month-to-month directly from the tenant or lease details page, choosing an effective date and adding a premium in one flow.
Why it matters
Property managers now get a single, streamlined flow for month-to-month leases instead of juggling manual tracking. Every step, from building the premium to converting or renewing the lease, happens inside Rentvine, with no separate spreadsheet or workaround needed.
Have a question about month-to-month leases, or how to set this up for your portfolio? Reach out, we'd love to help.
Full transcript
Hey everyone, Cristian here. And we have another tip of the week video to make the Rentvine experience a whole lot better. Here shortly, you guys are gonna notice something new within your guys's Rentvine environment, and that's gonna be month-to-month leases. Even though we have a way now on how to track month-to-month leases, this way is gonna be a lot more streamlined. There's gonna be a flow and there's gonna be a little bit more capabilities to ensure your processes are being run as smooth as possible.
With that being said, I'm gonna go into my global settings. And then within my setting, you guys are gonna notice under leases, month-to-month premiums. So right here, you're gonna get these premiums created. So you could decide the name of the premium, the rent increase type of the specific premium, and then the recurring charges and the one time charges. Once the premium is created, anytime you could come in and click into this, you could edit this, delete it, make adjustments to that specific premium setting associated to your guys's Rentvine account.
You guys are going to notice in the renewal section that you're going to have the renewals, but then you're also going to see every lease that is being labeled as month-to-month. So you could click into these. You could click on the actions and you can convert it to a fixed term if they want to be converted. You can view the details. It'll take you to the lease details page, or you could apply a month-to-month premium here. Just move them out whenever you're ready. You would do different filters, but all your leases or tenants that are in month-to-month will show you right here. All the residents that are up for renewal will be shown right here.
Once you go ahead and, let's say you want to go ahead and renew this tenant and go to the next page and then create the offer letters. You could go ahead, let's see, I need to create this offer letter. You could give them an offer letter and say, hey, I want to create this one and have it be month-to-month. And then it's gonna have you select a specific premium and different information that you want to add to this offer. So we understand that property managers sometimes, if they want to give out multiple different offers, it could be like, hey, we'll give you a fixed term lease and your price will be a little bit cheaper, or maybe we'll give you a month-to-month lease and it might be a bit more expensive, but you could customize and operate how you guys want to operate within this flow. You give out different offers. If there's an offer that is sent out for month-to-month and that is the one that is accepted, then from there, they'll go from the renewal section into the month-to-month section. And then also, if you go into the lease, it'll be labeled as month-to-month. So you could easily differentiate and see the month-to-month leases within the system.
Let's say if I click on this specific tenant page and directly from here, if I click the green actions icon and I want to set them to month-to-month, I could click set to month-to-month, choose the effective day, get that set, and then from there, it would go ahead and give me my month-to-month start date, and then I could also go ahead and add a premium directly from here as well. So if I scroll down, I can add my month-to-month premium. So if I wanted to navigate it directly on the tenant page or the lease details page, I could do that. Or if I just wanted to flow through the renewal page and keep it all within one. And as you can see, now my month-to-month has increased by one person because I just set them there, but you could do it either way.
So a lot of good benefits here. A lot of powerful tools that Rentvine is working on. So if you have any questions, please contact support@rentvine.com and thank you for your time. Have a wonderful day.
