Attention: All On-site Associates

Early Termination Updates
The early termination process has been updated to better define when to use the various notice types and the eviction function in Yardi and to provide updated guidance on applying rent responsible charges upon move-out.
 
Going forward, rent through the move-out date should be charged to “RENT” and a maximum of one month’s future rent should be charged to “REAR” during deposit accounting for residents who elect to go rent responsible. The Collections Department will monitor rent responsible accounts daily and adjust as needed when the unit is reoccupied, or the lease expires. Collections will also send a final move-out statement to the resident.
 
To support this change, several processes and the Yardi Move Out Statements have been updated. Please review these important process changes and reminders during E-Hour:
 

• Deposit accounting must be completed and uploaded into Yardi within 11 days of move out.
  • If a ledger adjustment is needed after the 11-day deadline has passed, the Collections Department must be notified prior to making the adjustment in Yardi. Email the adjustment to coll@essex.com and the Collections Department will provide guidance on how to proceed. If the adjustment will impact a refund, copy depositaccounting@essex.com in the email. 
• The rent responsibility date must be entered in Yardi and should match the last day the resident is responsible for the rent:
  • If the resident breaks their lease early, the resident is responsible for rent through the lease expiration date. In the event the unit is scheduled to be renovated, the resident should only be charged an additional 14 days of rent past their move-out date. 
  • If the resident does not provide a full notice (20 days in WA, 30 in CA) the resident is responsible for rent until the required notice is fulfilled. 
  • If the resident is responsible for vacancy loss due to damage or pests, they are rent responsible through the last date they are being billed for vacancy loss.
• Rent should only be charged through the move-out date for evictions. 30 days’ future rent should no longer be charged.
• The “Preliminary Move Out Statement” should be generated and sent with the deposit accounting. The “Essex Move Out Statement” has been updated to indicate “Final” and should only be used by the Collections and Accounting Departments. 
• Sending move-out statements is no longer required for canceled/denied applicants after the completion of deposit accounting.
• Utilize the Deposit Accounting Checklist for all past residents and the Holding Deposit Checklist for canceled or denied applicants. These checklists can be found in the Deposit Accounting process.
• If a resident has a balance owed after deposit accounting is complete, and an adjustment is needed, the Collections Department must be notified prior to making the adjustment in Yardi. Email the adjustment to coll@essex.com and the Collections Department will provide guidance on how to proceed.
• When to use the following notice types in Yardi:
  • Notice: The resident gives written notice to vacate within the 20/30-day notice period required at the end of their lease.
  • Skip: The resident vacates without written notice and no legal fees are incurred.
  • Early Termination: The resident provides a written notice to vacate and the move-out date is prior to lease expiration.
  • Evict Function: When Essex has filed an unlawful detainer after the expiration of a lease violation notice, a case number exists, and legal costs have been incurred.

 
 
Action Item: Access E-Way through OKTA and review the processes: Notice to Vacate, Early Lease Terminations, Evictions, Deposit Accounting, and Past Resident Collections which have been updated to support the early lease termination changes.

 
Questions? Emails us at E-Way@essex.com.