RENT DISCOUNTS AND CONCESSIONS

Purpose

Our company's reputation is based on our integrity and guest satisfaction. Incentives may be offered to generate leases and retain current residents. Proper documentation of these concessions will provide a clear understanding between BMM and our residents.

Standard

• All aspects of all incentive programs must be approved in writing in advance by the Regional Property Manager (RPM).

• Approved rent recommendations and leasing incentives must be filed in chronological order, either digitally or manually using a concession log/binder.

• The date of the RPM-approved rental rate and/or concession (Rent Schedule,etc.) or revenue management report must be noted on the lease in Special Provisions or a Concession Addendum. If the rental rate and concession come from different reports, both must be noted on the lease. 

• Properties using Revenue Management on OneSite must print the quote from AIRM and save it in the resident file. If AIRM is used outside OneSite, the Lease Matrix Report for the leased unit must be printed and filed.

• Unit Availability Reports and AIRM pricing reports must be saved daily to the pricing folder.

• Revenue management pricing and specials cannot be handwritten on unit layouts.

• Any concession provided must be documented on the guest card.

• All concessions must be documented in writing on the Lease Contract either through a Concession Addendum or in Special Provisions. Concessions must end on the last day of the month.

• Example lease language: 'Any concession or special must be reimbursed if the lease contract is not fulfilled. Weekly Leasing Report dated MM/DD/YY. Residents shall receive a $$$ concession off payments MM/YY to MM/YY. Payments shall be $$$ per month.'

• The date of the RPM-approved Weekly Leasing Report or other approved report must be noted on the Concession Addendum or Special Provisions. If software was used, both documents must be referenced if the data comes from different reports.

• All concessions and specials must be clearly noted and reimbursed back to the community if the lease term is not fulfilled, where allowed by law.

Task Breakdown

1. All discounts or concessions are to be added as lease charges when the resident becomes future status.

2. Ensure all current incentives and specials being offered are consistent.

3. Any additional incentives must be approved in writing by the RPM and filed accordingly.

Notes and Materials

• Concession Addendum

• Lease Information Sheet

Bellaire Multifamily Management LLC - For Internal Use Only

Last Updated: January 2, 2026