Area in square feet or metres, and rent by area
Each Entity measures in square feet or square metres. Units carry their areas, and a lease can be priced per square foot or metre. Rent on a lease with several units is shared by area.
PLANSEvery plan
The problem it solves
- Offices are quoted per square foot a year, but the bill is typed as a monthly amount and drifts from the agreement.
- One business measures in square metres, another in square feet, and the reports mix them.
- A lease for a shop and a store room needs each unit's share of the rent for the reports. Today it is worked out by hand.
How it works
- Choose the area unit for each Entity in the Lease settings: Square Feet or Square Metres.
- Enter each unit's area, and its carpet, built-up and gross area if you keep them.
- On a lease, enter the rent a month or a year. Tick Rent per Unit of Area to give the rent for one square foot or metre instead.
- Monthly Rent works itself out: a yearly rent is divided by 12, and a rent per area is multiplied by the units' total area.
- With several units on one lease, each unit carries a share of the rent by its area. It gets equal shares when any unit has no area.
Everything it does
Area
- Area unit per Entity: Square Feet (the default) or Square Metres
- Unit area, carpet area, built-up area, gross area
- Property total area; lettable area adds up the units, common areas left out
Price by area on a lease
- Rent per Unit of Area: the lease rent is for one square foot or metre
- Rent Per: a Month or a Year
- Each unit bills its own area times the rate
- Monthly Rent shown on the lease for reports and the deposit
Shares on several units
- Shares by area when every unit has an area; equal shares otherwise
- Each unit's share shown on the lease's units and rent lines
Rate plans
- Rate plans in the rentals engine can be marked Prices per Area; the line's rent is the price times the unit's area
- A unit without an area is refused on such a plan with a clear message
Who uses it
Lease ManagerSets the area unit of each Entity.
Property managerKeeps unit areas correct.
Lease userWrites leases priced per square foot or metre.
Where you use it
- Web: Lease > Configuration > Settings (area unit), Lease > Portfolio > Units (areas), Lease > Leasing > Leases > Leases (rent per area)
What you control
Settings
- Area unit: Square Feet to start with; per Entity
Questions
Can one Entity use square metres and another square feet?
Yes. The area unit is set per Entity, and every unit and rent by area of that Entity uses it.How is a rent of 120 a square foot a year billed?
Tick Rent per Unit of Area, enter 120 and choose a Year. On a 2,000 square foot office the monthly rent is 120 times 2,000 divided by 12, and bills follow the schedule.What if one unit on the lease has no area?
Shares fall back to equal parts. For a lease priced per area, enter every unit's area first, or that unit adds nothing to the rent.Related features
PORTFOLIOProperties, blocks, floors and units with keys and access cardsKeep every building down to the unit: blocks, floors, unit type, areas, asking rent, features, keys and access cards. Each unit shows whether it is vacant, reserved, let or under notice, worked out from its leases.LEASES AND RENTLeases with joint tenants, guarantors and several unitsA lease holds the tenant, joint tenants, occupants, guarantors, one or more units, the term, the rent and how it is paid. Confirm it and the rent schedule, the deposit and the unit statuses follow.LEASES AND RENTRent schedule in advance or arrears, with rent-free monthsA confirmed lease bills itself from a schedule: monthly, quarterly, half-yearly or yearly, in advance or in arrears. Part periods go by the calendar, and stepped rents, rent-free periods and holdover worked in.COMMERCIALService charge with budgets and year-end reconciliationShare a building's running costs among its tenants with cost pools, a yearly budget and each unit's share by area. Bill on account each month or quarter. Reconcile the year from your accounts, with a cap and a statement per lease.
See your buildings on it.
Tell us how many properties and units you have, whether you let your own or manage for owners, and how rent is paid today. We will set up your portfolio with you on SmartMy Lease.