The property management sector has felt the collateral effects of the COVID-19 Pandemic as people are unable to pay rents due to lay-offs or furloughs, and vacancy levels continue to increase as businesses close their doors. The increased demand in rent deferments have created a whole new level of complexity particularly for large multi-family managers. Yardi quickly recognized this and developed rent deferral technology in Voyager.

rent deferral feature in voyagerIntroduced in April, Yardi’s rent deferral functionality allows management companies to track rent deferment payment plans and recovery of back rent. Rent deferment can be setup in Voyager or in Yardi’s Rent Café resident portal. In Voyager you can now enter comments into the lines providing explanation for the deferment in payment, the amount and time, then set a start and end date. The system will automatically disburse the total over the deferment period and automatically create lease charges monthly that reflects the deferred rent and recovery changes. As a part of the deferral feature Yardi has included a listing report and repayment progress report. In Rent Café the process offers more convenience and fewer steps by affording residents to upload and complete form documents online and provide an electronic signature for agreement all inside the portal as opposed to having to provide documents and signatures via email.