Yardi Introduces New Payment Deferral Technology
Yardi has released a software update that allows residential property management companies to manage and track rent deferral payment plans and recoveries. The company fast-tracked the release of the update to allow property managers to accommodate residents impacted by COVID-19.
“Helping property managers serve their residents and maintain business continuity is a top priority for Yardi. With unemployment claims skyrocketing, our clients were looking for ways to aid residents who are having a hard time paying rent during the coronavirus pandemic,” said Tamara Berndt, vice president of residential services at Yardi. “This solution can manage and track payment deferrals and recoveries on a large scale.”
The deferral payment plan and recovery tool allows payment plans to be set up for residents who ask for financial accommodations, and it creates a recovery schedule of the deferred amounts. Once the deferral agreement is signed, lease charges are automatically created each month with the deferred amounts and recovery charges as appropriate. Gross potential rent is
not impacted.
The new technology is available to Yardi residential clients, including multifamily, single-family, affordable and military properties.
