Rent Roll
A document listing every unit in a property with its tenant, rent, lease dates, deposit, and status. It's the primary record of a property's income and a core underwriting document for income-property loans.
A rent roll is the master list of a property's rental income — a row for each unit showing the tenant, current rent, lease start and end dates, security deposit, and occupancy status (occupied, vacant, or in lease-up). For income-property lending, it's the single most important income document: the rent roll is where a lender starts when sizing a loan.
What a complete rent roll shows
- Unit identifier and type (1BR, 2BR, etc.)
- Tenant name and lease term (start/end)
- Current monthly rent and any scheduled increases
- Security deposit held
- Status — occupied, vacant, notice-given, or delinquent
- Often market rent alongside actual rent (to show upside or loss-to-lease)
Summed up, the occupied units' rents are the property's actual income; the full potential is the gross potential rent.
A worked example
4-unit rent roll:
Unit 1 2BR $1,450 lease ends 6/2026 occupied
Unit 2 2BR $1,400 lease ends 9/2026 occupied
Unit 3 1BR $1,100 month-to-month occupied
Unit 4 1BR $0 — VACANT
Actual monthly income: 1,450 + 1,400 + 1,100 = $3,950
Gross potential (Unit 4 at $1,150 market): $5,100
The lender underwrites from the actual $3,950, applies vacancy and expense assumptions, and arrives at NOI — while noting Unit 4 as upside, not income.
Why lenders rely on it
The rent roll drives NOI, DSCR, and the supportable loan. But a rent roll is a seller's representation until verified, which is why lenders pair it with tenant estoppels and sometimes leases and bank statements. An inflated or stale rent roll is one of the most common ways a deal's income gets overstated.
How it's used in investor lending
When acquiring rentals, scrutinize the rent roll: check lease dates (a wave of expirations is risk), look for below-market 'loss-to-lease' (upside) and above-market rents that may not renew, and flag month-to-month tenants and delinquencies. Reconcile it against leases and estoppels before trusting the income. For a DSCR loan, the rent roll (or appraiser's market rent for single-family) is the foundation of the qualifying ratio. Always separate actual income from pro forma potential — lenders underwrite the former.
This is general information, not financial advice.
Frequently asked questions
What's the difference between a rent roll and gross potential rent?
A rent roll lists each unit with its actual current rent and status, so summing the occupied units gives actual income. Gross potential rent assumes every unit is occupied at market rent — the theoretical maximum. Lenders underwrite primarily from the actual rent roll, treating vacant or below-market units as upside, not current income.
How do lenders verify a rent roll?
They cross-check it against the actual leases, tenant estoppel certificates, and sometimes bank statements or a rent-payment history. This confirms the rents are real and current and uncovers concessions or delinquencies the rent roll alone may hide. An unverified rent roll is just the seller's representation.
What red flags should I look for in a rent roll?
Watch for a cluster of lease expirations in the same month (turnover risk), rents well above market that may not renew, many month-to-month tenants, delinquencies, and units listed at market rent that are actually vacant. Each can mean the real, sustainable income is lower than the headline total.