A rent roll is a document that lists all rental units in a property along with key tenant and lease information. It typically includes unit numbers, tenant names, lease start and end dates, monthly rent amounts, security deposits, and vacancy status. Rent rolls are essential for underwriting acquisitions, securing financing, and managing properties.
If you're underwriting an apartment building, buying a retail center, or financing any income-producing property, one of the first documents you'll encounter is the rent roll. It's the foundation of income analysis and a window into the property's tenant base.
But here's the thing most guides won't tell you: reading a rent roll is easy. Trusting it is hard. This guide covers not just what a rent roll is, but how to validate the data, spot red flags, and reconcile it with other documents during due diligence.
What's Included in a Rent Roll
Every rent roll is different, but most contain these core fields:
Unit Number / Address
Unique identifier for each unit (e.g., "Unit 101", "Apt 2B", or street address for SFR portfolios).
Tenant Name
The legal name on the lease. "Vacant" indicates unoccupied units. Some show all residents; others only the primary leaseholder.
Lease Start & End Dates
When the current lease began and when it expires. "MTM" (month-to-month) means the lease has expired but the tenant remains.
Monthly Rent
The contracted monthly rent amount. Some rent rolls show "market rent" alongside in-place rent, or break out base rent vs. additional charges.
Unit Type & Size
Bedrooms/bathrooms and square footage. Critical for calculating rent per SF and comparing to market comps.
Security Deposit
Amount held. Usually equal to one month's rent. This becomes a liability at sale that may be prorated or transferred.
Status
Occupied, vacant, notice given, down unit, model unit, employee unit, etc. Status affects how you count occupancy.
More detailed rent rolls may also include: move-in date, concessions, renewal status, balance owed, pet fees, parking charges, and utility responsibility (RUBS).
Sample Rent Roll
Here's what a typical multifamily rent roll looks like. Notice the mix of occupied units, vacancies, and month-to-month tenants:
| Unit | Tenant | Type | SF | Lease Start | Lease End | Rent | Deposit | Status |
|---|---|---|---|---|---|---|---|---|
| 101 | Sarah Johnson | 1 BR / 1 BA | 685 | 03/01/25 | 02/28/26 | $1,450 | $1,450 | Occupied |
| 102 | Michael Chen | 2 BR / 1 BA | 920 | 07/15/24 | 07/14/25 | $1,875 | $1,875 | Occupied |
| 103 | Robert Williams | 1 BR / 1 BA | 650 | 06/01/23 | MTM | $1,325 | $1,200 | MTM |
| 104 | Emily Rodriguez | 2 BR / 2 BA | 1,050 | 01/01/26 | 12/31/26 | $2,150 | $2,150 | Occupied |
| 105 | Vacant | 1 BR / 1 BA | 685 | - | - | $0 | - | Vacant |
| 201 | David Thompson | 1 BR / 1 BA | 700 | 09/01/25 | 08/31/26 | $1,500 | $1,500 | Occupied |
| 202 | Lisa Martinez | 2 BR / 1 BA | 925 | 04/01/22 | MTM | $1,650 | $1,400 | MTM |
| 203 | Jennifer Lee | 2 BR / 2 BA | 1,100 | 11/01/25 | 10/31/26 | $2,200 | $2,200 | Occupied |
| TOTALS (8 Units) | 6,715 | Occupancy: 87.5% | $12,150 | $11,775 | ||||
Want a blank template?
Download our free Excel rent roll template with formulas built in.
Get the templateWho Uses Rent Rolls and Why
Investors & Acquirers
Use rent rolls to calculate in-place NOI, assess rent upside potential, understand tenant quality, and identify lease expiration risk. The rent roll is the starting point for any acquisition underwriting.
Lenders & Underwriters
Verify income for debt sizing. Lenders stress-test rent rolls by assuming vacancy increases or rent declines. They also check for tenant concentration risk and lease term coverage relative to loan term.
Property Managers
Track occupancy, monitor upcoming expirations, manage renewals, and report to ownership. Many PMs generate rent rolls monthly from their property management software.
Brokers & Sellers
Include rent rolls in offering memoranda to market properties. A clean, well-formatted rent roll signals operational quality. Brokers often create "certified" rent rolls for disposition packages.
How to Read a Rent Roll
When you receive a rent roll, don't just scan the numbers. Work through these steps systematically:
Step 1: Check the Date
First question: When was this rent roll generated? A rent roll from 60+ days ago may be stale. Tenants may have moved in, moved out, renewed, or had rent changes. Always request a rent roll dated within 30 days of your analysis.
Step 2: Calculate Key Metrics
Use the rent roll to calculate these fundamental metrics:
Occupancy Rate = Occupied Units / Total Units x 100
GPR = Total Units x Market Rent
Avg Rent = Total Monthly Rent / Occupied Units
Rent/SF = Monthly Rent / Unit SF
Step 3: Analyze the Lease Expiration Schedule
Group leases by expiration month/year. Ask yourself:
- How many leases expire in the next 3 months? 6 months? 12 months?
- What percentage of tenants are month-to-month?
- Is there concentration risk (many leases expiring at once)?
Step 4: Compare to Market
How do in-place rents compare to market? Calculate "loss-to-lease" (the gap between in-place rent and market rent) to quantify potential upside:
LTL = (Market Rent - In-Place Rent) / Market Rent x 100
Red Flags to Watch For
Not all rent rolls are created equal. Here are the warning signs that should trigger deeper investigation:
High MTM Concentration (>20%)
Month-to-month tenants can leave with 30 days notice. If more than 20% of units are MTM, you face significant turnover risk. This often signals deferred renewals or tenants testing the market.
Above-Market Rents
If in-place rents exceed market by 10%+, question why. Were heavy concessions used to get tenants in the door? Are comparables actually comparable? Above-market rents often reset lower at renewal.
Recent Mass Lease-Up
If most leases started in the last 3-6 months, occupancy may be artificially inflated. Were concessions used? Will these tenants renew? A property at 95% occupancy with 80% new tenants is riskier than one with 85% long-term tenants.
Missing or Incomplete Data
No tenant names? No lease dates? No unit types? Missing data often signals operational issues or an attempt to obscure problems. A well-run property has complete, accurate records.
Discrepancies with T12
If the rent roll shows $100K/month in scheduled rent but the T12 shows only $85K/month collected, where's the $15K going? Investigate: bad debt, concessions, vacant units, or data errors.
Rent Roll vs T12 vs Other Documents
The rent roll is just one piece of the due diligence puzzle. Here's how it relates to other key documents:
| Document | What It Shows | Key Use |
|---|---|---|
| Rent Roll | Current tenants, lease terms, scheduled rent | Potential income, occupancy, lease risk |
| T12 (P&L) | Actual income & expenses over 12 months | Historical performance, actual collections |
| Stacking Plan | Visual layout of units by floor/building | Physical unit count, layout verification |
| Lease Abstracts | Detailed terms from each lease document | Verify rent roll data, special clauses |
| Bank Statements | Actual deposits received | Ultimate verification of collections |
The reconciliation process: During due diligence, cross-check the rent roll against the T12. Scheduled rent from the rent roll x 12 months should roughly equal gross potential rent on the T12. If there's a significant gap, investigate concessions, bad debt, or data errors.
This is exactly what Primer solves
Rent rolls come in PDFs, Excel exports, property management printouts, and broker OMs. Each format is different. Primer extracts rent roll data from any source, reconciles it against T12s and other documents, and maps it directly to your underwriting model.
Book a demoCommon Problems with Rent Rolls
If you've underwritten more than a few deals, you've encountered these issues:
Outdated Information
The rent roll is from 90 days ago. Since then, 3 tenants moved out and 2 new ones moved in at different rents. Your analysis is based on stale data.
Inconsistent Formats
Every property uses a different format. Some show deposits, some don't. Some include concessions, others hide them. Comparing properties requires manual normalization.
PDF Extraction Nightmares
The rent roll is embedded in a 200-page OM as a scanned image. You're stuck retyping it manually into Excel, hoping you don't make transcription errors.
Multiple Versions
The broker sent one rent roll, the seller sent another, and the property manager has a third. They don't match. Which one is correct?
Mapping to Your Model
You have your own underwriting template. Every rent roll requires manual data entry to populate your model, eating hours per deal.
These problems multiply when you're looking at 10+ deals per week. That's why teams use Primer to automate extraction and reconciliation.
How to Create a Rent Roll
If you're a property manager or seller preparing a rent roll:
- Export from your PM software. Most property management systems (Yardi, AppFolio, RealPage, Buildium) can generate rent rolls automatically.
- Include all standard fields. Unit number, tenant name, lease dates, rent, deposit, unit type, SF, and status at minimum.
- Date it clearly. Include the "as of" date prominently so readers know when data was current.
- Show market rents. Include a column for market rent so buyers can calculate loss-to-lease.
- Be consistent. Use the same format every time. Consistency builds credibility.
Download our free rent roll template to get started with a professional format.