A rent roll is a schedule of every lease in a property, one line per tenant or suite, showing tenant, area, current rent and schedule, start and end dates, security deposit, options, and often recoveries and abatements. It is generated from the property management system and is the first document a lender or buyer requests.
If a property has one financial document, it is the rent roll. Every valuation, loan, and sale starts from it, and every one of those processes tests it against the leases. Leasing software vendors such as Re-Leased describe the report in similar terms; the columns vary, the purpose does not.
Typical columns
| Column | Source |
|---|---|
| Tenant, suite, rentable area | Lease and measurement |
| Commencement and expiration | Lease and commencement memorandum |
| Current base rent, rent per square foot, annualized | Rent schedule from the escalation clause |
| Next rent step and amount | Rent schedule |
| Recovery structure and share | Lease operating expense clause |
| Security deposit or letter of credit | Lease and ledger |
| Options and notice dates | Lease |
| Abatements and concessions | Lease, amendments, side letters |
| Status: occupied, vacant, holdover, month to month | Property records |
Why it is a lease administration product
The rent roll is not typed; it is generated from the lease records in Yardi, MRI, or whichever system of record the owner runs. Every line reflects the lease abstract behind it. That is why the article on lease administration treats the rent roll as the output that proves whether the function is working: pick any line, compare it to the lease and its amendments, and the discrepancies are the backlog.
Where it meets the outside world
Lenders test loan covenants against it. Buyers reconcile it to estoppel certificates line by line, and discrepancies become price adjustments. Appraisers capitalize the income it shows. A rent roll that is right on the day of the request is the payoff for lease administration done every day before it.
Related terms
Frequently asked questions
What does a rent roll include?
Tenant name, suite and rentable area, lease commencement and expiration, current base rent and rent per square foot, the escalation schedule, security deposit, options to renew or terminate, recoveries structure, abatements, and vacancy. Lenders and buyers often ask for additional columns such as annualized rent, percentage of total, and lease status.
Who uses the rent roll?
Asset managers for income and rollover analysis, lenders for underwriting and covenant tests, buyers for due diligence, appraisers for valuation, and the property team for billing. Each reads the same document, which is why errors in it propagate into valuations and loan compliance.
Why do rent rolls contain errors?
Because the rent roll is a report from the lease records, and the records drift: an amendment not abstracted, an escalation not entered, a sublease not recorded, a holdover tenant still shown at expired rent. The rent roll is accurate exactly to the extent the lease administration behind it is.
How is a rent roll verified?
In a transaction, by comparing each line to the lease, the amendments, and the tenant's estoppel certificate. Lenders may require a certified rent roll signed by the borrower. Internally, a periodic reconciliation of the rent roll to the general ledger and to the abstracts catches drift before a third party does.