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SOURCE: MRI Software, LLC
The property management software provider's product team has been out ahead of this change, implementing the new rent calculation in the next product update.
Cleveland, OH (PRWEB) July 30, 2012
In June 2012, New York City’s Division of Housing and Community Renewal (DHCR) announced its new regulations on adjustment for renewal leases. A market leader in multifamily compliance readiness, MRI Software is ready with plans to roll out compliance updates in advance of the regulations going into effect.
The regulation update, Order Number 44 – Apartments and Lofts, will go into effect from October 1, 2012 until September 30, 2013. This change will allow a rent increase to the greater of $20 or 2% (or $40 or 4%) as opposed to the traditional fixed 2% (or 4%) for one and two year lease renewals.
MRI’s product team has been out ahead of this change, implementing the new rent calculation in the next product update. Scheduled for release in August, MRI Property Management 4.3.2 will allow multifamily property managers to take full advantage of Order Number 44 and increase their rate based on this new conditional flat increase regulation. This product update will automatically calculate the best renewal increase option for rent-stabilized properties, so that property managers can maximize the benefits resulting from the reintroduction of this DHCR minimum rent increase guideline.
“MRI is always striving to ensure our clients can capitalize on any changes in the regulatory landscape,” said Matt Wieder, Vice President of Product Management. ”The new DHCR flexibility available in 4.3.2 will assist our clients in capturing any additional revenue resulting from these new, more permissive, rent guidelines.”
About MRI Software LLC
MRI offers business management software solutions to the global property management and investment industries. As a leading provider of real estate enterprise software applications and hosted solutions, MRI serves the global multifamily and commercial property industries, helping them improve their bottom line and maximize their returns on their diverse business portfolios. MRI leverages its more than 40 years in business to develop long-term successful relationships with its clients. For more information, please visit http://www.mrisoftware.com.
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