The unit-by-unit lease snapshot of a rental property.
A rent roll is a unit-by-unit (or tenant-by-tenant on commercial) schedule of a property's leases as of a specific date. The rent roll shows for each unit: the tenant's name, current rent, lease start and end dates, security deposit, and occupancy / vacancy status. It's the foundation document for understanding a property's current income.
The rent roll is the snapshot — T-12 is the time series. Where T-12 shows what the property collected over the past year, the rent roll shows what each unit is contractually paying right now. Together they tell a complete story: trailing actual performance + current contracted income. Sophisticated diligence always cross-checks the two.
A rent roll review answers critical questions. Is current rent at market? Compare rent roll rents to local market comps — significant gaps (in-place 15% below market) indicate value-add upside; rents above market indicate stretched in-place tenants. What's the lease maturity distribution? If 40% of leases roll in the next 6 months, the property has near-term lease risk. Are there in-place concessions? A $1,500 rent with two months free is effectively $1,250 — the rent roll often hides this.
For commercial properties, the rent roll includes more detail per tenant: lease term, base rent, escalators, expense reimbursement structure (gross, NNN, modified gross), renewal options, and tenant credit rating. Commercial rent rolls require deeper analysis because each tenant typically represents a much larger share of total income than any single residential tenant.
Rent roll audits during diligence verify the document's accuracy. The auditor pulls actual leases for a sample of units (or all units on smaller properties) and confirms tenant names, rent amounts, lease dates, and any concessions match the rent roll. Discrepancies are flagged and either explained or corrected. Lenders typically require certified rent rolls at closing — signed by the seller or property manager attesting to accuracy.
| Total units | 12 |
| Occupied units | 11 (91.7%) |
| Vacant units | 1 |
| Average current rent | $1,150 |
| Market rent (per comps) | $1,275 |
| Loss to lease (in-place vs market) | ~10.9% |
| Leases expiring next 6 months | 5 (45%) |
| Leases with concessions in place | 2 (1 free month each) |
| Annualized rent roll income | $151,800 |
A unit-by-unit (or tenant-by-tenant) schedule of a property's leases — showing current rent, tenant name, lease dates, deposit, and occupancy status as of a specific date.
Rent roll is a snapshot of current contracted income. T-12 is the actual operating performance over the past 12 months. Rent roll shows what is; T-12 shows what was. Together they form the underwriting basis.
The difference between current in-place rents (per the rent roll) and market rents (per comps). 10% loss-to-lease means current rents are 10% below market — representing value-add upside as leases roll.
A rent roll signed by the seller or property manager attesting to its accuracy. Lenders typically require this at closing as part of the loan certification package.
During every acquisition diligence at minimum. Property managers typically update rent rolls monthly. Ongoing audits during the hold period verify property manager reporting accuracy.
Matrix underwrites loans on certified rent rolls and lease audits, not seller projections. The loan size reflects what the property is actually leasing for.
