Many commercial leases give the tenant the right to renew for one or more extra terms. UnitConnect tracks these in two places:

  • Options in Lease Info records how many options the lease grants and how long each is, for example 2 × 5yr.
  • Option periods in the Rent Breakdown hold the rent for each option term, with the number of days' notice the tenant must give to exercise it.

Add an option period

Add each renewal option as its own period, one after another.

  1. Open the tenant and click the Lease tab.
  2. In the Rent Breakdown header, click +. The drawer opens on Single period — or click Escalation for an option whose rent rises during its term.
  3. Turn the switch from Base rent to Option period. Start moves to the day after the last period, End to five years later, and Option number to the next free number.
  4. Enter Notify (days ahead) — how many days before the option term the tenant must give notice — and the Rent ($/mo) (or, for an escalation, the Starting rent ($/mo), Escalate by (%) and Every (years)).
  5. Check the Preview, shown as the table bands it, for example Option #1 · notify 180 days ahead.
  6. Leave Set Options on Lease Terms ticked to update Options in Lease Info (for example 2 × 5yr) in the same save. It's ticked when the lease records no options yet.
  7. Click Add period (or Add N periods).

Adding an option period
Add rent periods — an option period

An escalation for an option replaces that option's upcoming periods in its date range; the drawer says how many first. When you create a tenant, the wizard's Rent Breakdown works the same way, and the tenant's Options are taken from the option periods you add there.

Mark existing periods as options

  1. Select the periods in the Rent Breakdown.
  2. Click Selected (N), then Update selected (N).
  3. Turn on the switch on each row (it changes from Base to Option) and enter Option # and Notify (days). To set the same values on every row, use Apply to all with Option # or Notify days.
  4. Click Save N row(s).

Reminders

  • The tenant's Overview lists Option exercise window approaching under Needs Attention when a notice window is near.
  • To also notify the tenant, turn on the Exercise of Option notification on the tenant's Settings tab. See Tenant portal access and notifications.