noun · /rɛnt roʊl/
Rent Roll
Also known as: Rental Roll, Tenant Schedule, Rent Schedule
Definition
A rent roll is a document that lists all tenants in a property along with their lease details including unit number, tenant name, square footage, lease dates, rent amounts, and occupancy status. It provides a snapshot of a property's income and occupancy, and is essential for property valuation, due diligence, loan underwriting, and asset management.
Sample Rent Roll
| Unit | Tenant | SF | Start | End | Monthly | Annual | $/SF | Status |
|---|---|---|---|---|---|---|---|---|
| 101 | ABC Corp | 2,500 | 01/01/2023 | 12/31/2027 | $5,208 | $62,500 | $25.00 | Occupied |
| 102 | XYZ Inc | 1,800 | 06/01/2022 | 05/31/2025 | $3,900 | $46,800 | $26.00 | Occupied |
| 103 | Vacant | 2,200 | — | — | $0 | $0 | — | Vacant |
| 104 | Smith LLC | 3,500 | 03/01/2021 | 02/28/2024 | $7,000 | $84,000 | $24.00 | MTM |
| Total | 3 tenants | 10,000 | $16,108 | $193,300 | $24.79 | 78% Occ |
MTM = Month-to-Month. Weighted average rent calculated on occupied space only.
Standard Rent Roll Fields
Unit ID
Suite number, apartment number, or space identifier
Tenant Name
Legal name of tenant or "Vacant" for empty units
Square Footage
Rentable square feet for the unit/space
Lease Start Date
Commencement date of the current lease
Lease End Date
Expiration date (critical for rollover analysis)
Monthly Rent
Current monthly base rent amount
Annual Rent
Calculated: Monthly rent × 12
Rent PSF
Calculated: Annual rent ÷ Square feet
Status
Occupied, Vacant, Month-to-Month, etc.
Security Deposit
Amount held as security (often 1-2 months rent)
Lease Type
Gross, NNN, Modified Gross, etc.
Notes
Options, escalations, special terms
Why Rent Rolls Matter
Due Diligence
Buyers verify income claims by comparing rent rolls to actual lease documents and bank statements. Discrepancies are red flags.
Property Valuation
Rent rolls provide the income data needed to calculate NOI, which drives cap rate valuation. Accurate rent rolls = accurate valuations.
Loan Underwriting
Lenders require current rent rolls to verify income supports the requested loan amount. They calculate DSCR directly from rent roll data.
Lease Rollover Analysis
Expiration dates reveal concentration risk. If 40% of rent expires in one year, that's a major risk factor buyers will price in.
Common Rent Roll Issues to Watch For
Expired Leases
Tenants on month-to-month or expired leases create income uncertainty. They could leave with 30 days notice.
Above-Market Rents
Tenants paying significantly above market may not renew. Factor in potential rent loss at expiration.
Tenant Concentration
If one tenant represents 30%+ of rent, their departure would significantly impact income. Assess their creditworthiness.
Missing Data
Blank fields for lease dates, square footage, or rent PSF make analysis impossible. Always request complete data.
Inconsistent Formats
Every property management system exports rent rolls differently. Standardization is essential for portfolio analysis.
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