What is a rent roll? Contents, example, and how lenders use it

A rent roll is a report listing every unit in a property with its tenant, lease dates, rent, and occupancy status as of one date. Numetix property management clients reconcile it to tenant ledgers monthly. A rent roll shows scheduled rent, not what was actually collected.

Numetix is the expert-led, AI-powered, human-in-the-loop bookkeeping layer that keeps the rent roll, the tenant ledgers, and the bank deposits in agreement every month. This guide shows what a rent roll contains, walks through a six-unit example, and explains how lenders use it.

What a rent roll contains

Most rent rolls carry the same core columns. Owners add more, such as deposit held or past-due balance, but these are the ones lenders and buyers expect to see.

Sample rent roll

The illustrative six-unit property below has five occupied units and one vacant unit. Scheduled monthly rent is $9,150.00, and occupied rent is $7,625.00. Multiplying scheduled rent by 12 gives $109,800.00 a year, the gross potential rent at current listed rents.

Physical occupancy is 5 of 6 units, or 83.33 percent. The vacant unit costs $1,525.00 per month at its listed rent, which feeds the calculation in how to calculate vacancy loss. Rent roll income also flows into net operating income.

How lenders and buyers use a rent roll

Lenders treat the rent roll as the starting point for income, then test it. Fannie Mae's Multifamily Selling and Servicing Guide requires a lease audit that reconciles the rent roll with the property's signed leases before the loan commitment. It also has lenders validate rent collections by reviewing a cash ledger, a receipts journal, or at least three months of bank statements, along with an accounts receivable or past-rent-due report.

The consequence for a property manager is practical. A rent roll that disagrees with the leases, or with deposits in the bank, can delay a refinance or lower a sale price. Because the rent roll is a promise of income and the ledger is proof of income, lenders look for both to agree.

Rent roll vs rent ledger vs owner statement

How to keep a rent roll accurate

Reconcile the rent roll to the tenant ledgers at each month-end. Every rent amount should agree with the signed lease, every vacancy should show a listed rent, and any concession should be noted. Past-due balances belong in a separate delinquency view, covered in property management accounts receivable and delinquency. The tenant ledgers themselves roll up to the general ledger.

Rent roll can mean something else abroad

In Australia and New Zealand, a rent roll can also mean a portfolio of managed properties that is bought and sold as a business. This guide uses the US meaning: the document listing units, tenants, and rents.

Frequently asked questions

What are the legal requirements for a rent roll?

No universal federal rule sets a format. Lenders such as Fannie Mae specify their own requirements, and state property management rules govern the underlying tenant records. A rent roll prepared for a lender should follow the lender's template, agree with signed leases, and be certified as accurate by the owner or manager who prepares it.

How often should a rent roll be updated?

A common practice is to update it every month as part of the close, and again whenever a lease starts, ends, or changes. A current rent roll is also needed on demand for a refinance or sale. Reconciling it to tenant ledgers monthly keeps those requests from becoming a scramble.

Is a rent roll the same as a rent ledger?

No. A rent roll lists all units on one date with scheduled rent. A rent ledger follows one tenant over time and records what was actually charged and paid. A rent roll can look perfect while a ledger shows arrears, which is why the two documents should always be reconciled to each other.

Related reading

• Rental income accounting
• Security deposit accounting for property managers
• Prorated rent explained