Multi Unit Property

Rentec Direct makes it easy to add and manage multi-unit properties, no matter how many units a location includes or what type of property it is.

When you create a multi-unit property, settings entered at the main property level automatically apply to each unit. This saves time and ensures consistency across units. If needed, you can also customize settings for individual units.

This is a great option for managing locations with multiple renters, including duplexes and multiplexes, student housing, storage facilities, RV parks, boat slips, camp sites, and parking lots.

Adding a Multi-Unit Property

When adding a multi-unit property, entering complete information upfront helps save time later. Most information entered for the main property will automatically populate to each unit and can be edited at the unit level if needed.

Tip: Hover over the "?" icons throughout the setup screens for helpful field explanations.

In your Rentec Direct account:

1. Click Properties
2. Click +Add A Property
3. Under Property Information, enter general details about the property (address, name, etc.). Details entered here will auto-populate to the sub-units. Unless all units have the same number of bedrooms and bathrooms, leave the default "0" and configure it in the individual unit.
4. Under Rental Details
   1. Check the Multi-Unit Property box and indicate How Many Units (occupiable, not including the Main Property) 
   2. Use the dropdown to select the Property Type that best describes the location.
   3. Default Rent and Security - If all units have the same rent and deposit, enter the amount here. Otherwise, leave the default 0.00 and set the rent amount in each subunit.

5. Under Managers & Owners (PM accounts) - Select the Property, Marketing, and Maintenance Manager and Owner to automate accurate accounting and excellent communications.

   Click here to learn more about Manager Types

6. Under Financial

   

   1. Select the Income and Expense accounts that will apply to each unit and ensure transactions automatically route to the correct account

      System Note: When renters are placed in the property, payments received from the renter will automatically post to the renter, property, and selected bank ledgers.

   2. Select the "Payable to" you would like to show on invoices
   3. Set the Property Reserves (PM accounts): If owner disbursements will be made from the main unit, set the reserve here. If owner disbursements are made from subunits, it's best to set the reserve in the subunits for accurate accounting.

   4. Indicate the amount of Renters Insurance Required

      Tip: Renters can easily purchase renters insurance through their tenant portal. Click here to learn more about renters insurance with Rentec Direct: Renters Insurance

   5. (optional) Check the Linked Asset Account with an Opening Balance to automatically create an asset account within your chart of accounts for each property, tracking each as its own asset account.

7. Under Insurance, enter your policy information to easily track your coverage.

   Don't have landlord insurance? An at-a-glance view provides an estimate. Click Get Insurance Quote to get a quote or purchase Landlord Insurance. Learn more about Steadily Landlord Insurance and Rentec Direct.

   Tip: If this property is to be excluded from the Property Insurance Report, enter "Exempt" in the Carrier field.

   

8. Under Fee Structure (PM accounts) - Set your default management and placement fees to automatically post to the ledger, making it easier to pay out management fees in one transaction with the Pay Property Manager option. Learn more about Automated Management Fees

9. Under Custom Info, add custom fields that can be entered for each individual unit or all units

   

   Tip: Custom fields are searchable using the Global Search Tool and are available as data fields for customizing messages and form templates. Learn more about using Data Fields.

10. Click Add property, then use the steps below to Define Each Unit

Defining Each Unit

Each subunit must be defined before a renter can be moved in. Most information will default from the main unit and can be verified and edited here as needed using the steps below. Hover over the "?" for more details.

In your Rentec Direct account:

1. Click Properties

2. Click on Add subunit

   

   
   

3. Review information that defaulted from the main unit and edit as needed

   Tip: If the address is left blank, the address from the main unit will default in reports and marketing.

4. Click on Add Subunit

System Notes:

• Be sure the default income and expense accounts are indicated to ensure financial transactions are posted to the correct bank account
• If you collect management fees that weren't defined on the main property, define them here before placing a tenant in the system. The system does not retroactively change or post management fees. (If this setting is not configured, management fees would need to be manually posted.)