What is rent adjustment according to New Urban Lease Act in SAP RE - Real Estate Management?

SAP Term: rent adjustment according to New Urban Lease Act

• Component: RE

• Component Name: Real Estate Management

• Description: In Portugal, an increase of low rent of old contracts concluded prior to 1990 for residential contracts and prior to 1995 for commercial contracts to reach the real market value of the building/rental object. Rent is adjusted according to specific criteria defined in the New Urban Lease Act NULA in Portuguese, Novo Regime de Arrendamento Urbano NRAU, in effect since 2006.

Smart SAP Assistant

• Key Concepts: 
  Rent adjustment according to the New Urban Lease Act (NULA) is a feature of SAP Real Estate Management (RE-FX) that allows tenants and landlords to adjust the rent of a lease agreement in accordance with the NULA. The NULA is a law that regulates the rent of residential and commercial leases in certain areas. It sets out rules for how much rent can be charged, how often it can be adjusted, and other conditions that must be met. 
  
  How to use it: 
  In order to use the rent adjustment according to NULA feature, users must first set up the NULA parameters in the RE-FX system. This includes setting up the applicable NULA rules, such as the maximum rent increase allowed, the frequency of rent adjustments, and any other conditions that must be met. Once these parameters are set up, users can then adjust the rent of a lease agreement according to the NULA rules. 
  
  Tips & Tricks: 
  When setting up the NULA parameters in RE-FX, it is important to ensure that all applicable rules are taken into account. This will ensure that any rent adjustments made are compliant with the NULA regulations. Additionally, users should also keep track of any changes made to the NULA regulations over time, as this may require additional adjustments to be made in RE-FX. 
  
  Related Information: 
  For more information on using RE-FX for rent adjustment according to NULA, please refer to SAP Help Portal article “Rent Adjustment According to New Urban Lease Act”. Additionally, for more information on the NULA regulations themselves, please refer to your local government’s website or contact your local housing authority.