Rent Roll
A document listing all tenants in a property along with their unit details, lease terms, rental rates, and payment status.
Definition
A rent roll is the foundational document for managing and valuing multi-tenant properties. It provides a snapshot of every tenant, their unit number, square footage, lease start and end dates, current rent, scheduled increases, security deposits, and any additional charges. For small bay operators, an accurate rent roll is essential for tracking income, planning for lease expirations, calculating occupancy rates, and presenting the property to lenders or buyers. During acquisitions, the rent roll is one of the first documents reviewed to verify income and assess tenant quality. Operators typically update their rent roll monthly and use it to identify upcoming renewals, spot delinquencies, and forecast cash flow.
Example
A 12-unit small bay property's rent roll shows 10 occupied units generating $14,500/month, 2 vacant units, lease expirations staggered across the next 3 years, and one tenant 30 days past due. This tells the operator they have 83% occupancy, $174,000 annualized rent, and one collection issue to address.