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How to Renew a Lease in Revela

Overview

Purpose: This guide explains how to review leases for upcoming renewals, determine appropriate actions, and manage lease expiration timelines effectively.

Target Audience: Property managers, leasing agents, and admins.

Step-by-Step

Step 1: Reviewing Leases for Renewal

  • Navigate to the Lease Expiration Report in Revela by going to Reporting (left menu) > Leasing (heading) > Lease Expiration

  • Filter the report for a 90-day horizon to view leases that are set to expire within the next three months

  • Review each lease’s expiration date and renewal type to determine the next steps

Step 2: Recommended Actions by Lease Type

  • Month-to-Month (MTM) Leases

    • Check if the current rent rate aligns with the property’s market rate

    • Determine if it is beneficial to convert the tenant to a long-term lease based on their rental history

  • Rollover Leases

    • These leases will automatically convert to MTM unless renewed

    • Tenants in this category are prime candidates for renewal outreach

    • We recommend setting up a renewal email template for efficiency

  • Fixed-Term Leases with No Renewal Set ("None")

    • These tenants have either provided a notice to vacate or require a renewal action

    • Expiring fixed leases must be renewed ASAP to prevent unwanted MTM conversions

    • Quickly find these leases under Operations (left menu) > Leasing (top toolbar) > Expiring (middle toolbar) 

Step 3: Understanding Lease Expiration Timing

  • All MTM leases—whether originally set up as MTM or converted from a rollover—will have their lease end date set as the last day of the current month

  • On the last day of each month, the system will automatically update the end date to the last day of the following month

Step 4: Identifying Current Renewals

  • In the Lease Expiration Report, if the renewal column shows a blue date stamp, it means the lease has already been renewed

  • The new lease start date is displayed in this column

Best Practices, Tips, and Notes

  • Regularly review the Lease Expiration Report to ensure proactive renewals

  • Use email templates for renewal outreach to streamline communication

Common Issues & Troubleshooting

Issue 1: Cannot locate expiring leases

  • Solution: Ensure you have applied the correct 90-day filter in the Lease Expiration Report

Issue 2: Lease end date is changing unexpectedly

  • Solution: This is expected behavior for MTM leases; the end date resets to the last day of the next month automatically

Link: Configuration on MTM fees