REM Lease Renewal

Renew From Existing REM Lease

This field enables you to specify whether the Real Estate Management (REM) billing rules should be applied instead of the Advanced Real Estate Forecasting (AREF) assumptions when a lease expires during the budget calculation.

If you select this check box, REM billing rules are used to perform budget calculations based on the renewal specifications entered for the unit.

If you do not select this check box, AREF assumptions are used to perform budget calculations. (default)

Renewal Growth Pattern

Enter a value that specifies the growth pattern to apply to REM billing rules during the budget calculation when the Renew from Existing REM Lease flag is selected.

Renewal Term

Enter a value that specifies the length of the period for which the REM billing rules should be extended for use in the budget calculation. The system extends the use of REM billing rules when the Renew From Existing REM Lease flag is set to renew using the same terms as from the expired lease.

If you leave this field blank, the system uses REM billings rules for each year of the budget calculation or until another REM lease is processed.

The value in this field works in conjunction with the Renewal Term Type field. For example, if the Renewal Term field is set to 36 and the Renewal Term Type is set to MO, then the system uses the REM billing rules for 36 months.

Renewal Term Type

Enter a user-defined code from UDC table 15L/LT that works with the Renewal Term to specify the length of the renewal term. Values are:

AN: Annual

MO: Monthly