To set a new standard rent value for an asset

The procedure to set a new standard rent value for an asset is as follows:

1. Using the global search facility, type in the first few characters of the asset address 1.
2. Double-click on the row containing the exact record match. Where the expected record is not listed, a more advanced search can be conducted using the spy-glass icon ().
3. Click on Asset Details. The Asset Details window is displayed for the current asset.
4. Click on Rent Details. The Asset Rent Details window is displayed.
5. Click on Standard Rents. The Standard Rents tab is activated.
6. Click on New Standard Rent. The Standard Rent window is displayed.
7. Using the Standard Rent Type drop-down field, select an appropriate parameter value for the record e.g. Market Rent, Target Rent, Affordable Rent, etc.
8. Using the Frequency drop-down field, select an appropriate parameter value for the associated rent charge e.g. daily, weekly, monthly, etc.
9. Using the RICS Method drop-down field, select an appropriate parameter value for the standard rent type i.e. the method by which the rent valuation has been calculated, as defined by the Royal Institution of Chartered Surveyors.
10. Where the standard rent type record defines the Target Rent, activate the tick box provided 2.
11. Use the Set By field to add any contextual data that is relevant to the standard rent type record.
12. Enter the standard rent Value into the field provided i.e. the charge value matching the frequency selected.
13. Choose an Effective From date for this standard rent type i.e. the date on which it came into effect 3.
14. Choose an Effective To date if the standard rent type is to be reviewed on a specific date or to capture a change of circumstances; a blank field means the standard rent type will be continually valid.
15. Enter the Last Review Date for this standard rent type using the calendar icon (), or type in the value directly (format DD/MM/YY or DD/MM/YYYY) i.e. the date on which a review of the rent value was last conducted.
16. Enter the Next Review Date using the calendar icon (), or type in the value directly (format DD/MM/YY or DD/MM/YYYY) i.e. the date on which the next review is scheduled for this standard rent value.
17. Click on Confirm 4. The new record is displayed in the Standard Rents summary table.
18. Click on Save 5.

Note

1 The search facility will return all possible matches for any corresponding address field once the Number of characters before an automatic search commences system preference is reached.

2 Only one target rent can be effective at any one time; where dates overlap the end user will need to revise the entries accordingly.

3 The Effective From date defaults to the current system date and cannot be left blank.

4 The Updated By and Updated Date fields are automatically populated with the name of the end user creating the standard rent type and current system date respectively.

5 To amend the details of an existing standard rent type, double-click on the desired row in the Standard Rents summary table and repeat steps 9 through 18; only a limited number of fields can be updated once a record has been created.

See related topics...

Rents setting management overview

To create a new rent charge for an asset

Using the search facility