NEW LEASE, NEW LOOK

Beginning May 1, 2020, residents who are given the opportunity to renew their lease agreement will find that we now use BLUE MOON SOFTWARE for all lease forms and addendum’s.  BLUEMOON provides industry standard lease forms , speeds up the preparation of legal documents, and simply makes the renewal process more efficient and streamline.

 

IT all starts here!

Lease renewals are automatically emailed out to you if the lease is set to expire within 90 days. If nothing has changed in your household, you can simply follow the prompts and the process is complete. However, if there have been any additions, household members who are no longer staying with you, pets, or any other changes, submit a free updated application so that we can process your changes and resend you a new lease with the adjustments. Again, if you have had changes to your household and your lease is within 90 days of expiring, make clicking below your first step BEFORE completing your new lease renewal.

update your information before renewing

 

If there have been household changes, and you have already renewed,  email us directly. 

What major changes are in the new lease terms?

Let’s start off by saying that the first major change is not in the lease itself, but the software’s efficiency. Not only are the renewals sent electronically via email, but now residents are also texted a direct link! Also, the links and email redirects do not expire until 7 days after being sent to every resident. This provides enough time for you to review the legal documents beforehand, in order to get a complete understanding of it. There are options for 12 and 6 month lease renewals, however residents who opt for the 6 month option are not able to receive any concessions (discounts) or lease incentives.

Residents who opt for the 6 month option are leases that are not AVAILABLE to RECEIVE any concessions (Discounts) or lease INCENTIVES.

There are, of course, more streamlined documents such as the MEDIA RELEASE FORM and others. Two important key points worth discussing are the changes in regards to MAINTENANCE, and concessions (or discounts) which effect the amount of money in base rent that residents pay per month.  

concessions (or discounts)!

The market rent has changed drastically, and this can be surprising to those who have considered the property home for 5 years or more. Currently, the market rental rate for each floor-plan is below. Just for the means of providing a random example, let’s say that “JOHN AND JANE DOE” are renewing their current lease, which is only $100 for a 1 bedroom apartment home. (Again, this is for the sake of the example only-trust us-NO ONE has a lease for $100 a month)

• 1 Bedroom-$615
• 2 Bedroom-$675

At renewal time, JOHN AND JANE DOE may only actually be offered a $50 increase. Thus, their rent monthly will be $150 instead of $100. However, the option to get this minimal decrease, will come as a concession. The lease document will read as is with what the market rent actually is for a 1 bedroom, $615. Additionally, enclosed will be a concession addendum that offers them a monthly concession (or discount) of $465 off every month.  Simply put, every lease renewal will provide the standard market rents at the time, however some residents may be offered the concession to make up the difference to the actual lease renewal option.

STIPULATIONS. 

Lease By now, it should be understood that a concession is just a apartment industry term used that simply means discount. The concession agreement is valid as long as the actual lease term itself, therefore it is not guaranteed to continue past the 12 month renewal period. More importantly, the concession is void if the resident chooses not to have a $0 balance by the 5th monthly. By having a balance on your account past the 5th, it also eliminates any discounts that where provided for you in order to pay rent when due, which is on or before the 1st of each month. Lastly, in the event that the resident does not complete the full 12 month lease that it is offered, then it is void, and the difference will be charged back during the move out process. To be clear, concessions are meant to provide as a “thank you” to those who remain in good standing. It’s a renewal gift that’s available for every month after you renew!

IT all starts here!

Depending on what promotion is being run at the time that a resident renews, there are many options that many be available to chose from for a renewal gift! After renewing your lease, offers include:

• Register For The Early Renewal Giveaway (Register now and chose a link of options that are available below. This incentive is only for those who renew 60 or 90 days prior to their lease end term.)
• Request A Carpet Cleaning
• Surviving Covid-19 Grab Bag
• Appliance Upgrade
• $100 Off Your Renewal Month
• $50 Off Your Renewal Month
• 3 Months Of Free Reserved Parking

If a option is not available at the time of renewal, we will provide you with other incentives as a ‘thank you’ for spending another year with us.

i haven’t RECEIVED my renewal offer!

Lease renewals are automatically emailed out, but if you have yet to receive it, it could be due to several reasons. The primary one could simply be that we do not have your updated email or telephone number. Update your information via the Resident portal so that we can get it to you asap. Secondly, residents who have a balance are not available to renew until the balance is clean. Due to obvious business reasons, renewals won’t be offered to everyone ‘just because’. There are situations whereas, as a business, a lease renewal offer simply may not be offered. This is very rare, and honestly, most of the residents at the property have been so for 5 years or more! The great news is, we’re looking for long term committments, and want to keep the residents who treat Stonebrook in every way, like it is their home!

MONTH TO MONTH FEES and renewing after your lease has expired.

If your lease expires, the system will automatically charge the standard market rent for your floorplan (see above) plus an additional $300 per month. Life gets busy, so if you do decide to go ahead and renew AFTER your lease has expired-even 1 day afterwards-and you are provided a lower fee-the charges for being month to month will be due for that 1 day. If you renew 15 days after your lease has expired, then the monthly charges will continue for the 15 days and the remainder of the month will be at the rate that you have renewed.  The purpose of sending out lease agreements to those who are set to expire up to 90 days out, is to provide enough time for every resident to renew, and to do it early!