What it is
A rent roll is a snapshot of every lease in a property on a given date. Where the T-12 shows what the property earned over the last year, the rent roll shows what it's set up to earn right now. Lenders want both, and they want them to agree.
What's on it
The columns differ by property type.
Multifamily rent rolls typically show unit number, unit type, square footage, tenant name or status, lease start and end dates, market rent, actual rent, concessions, deposits and balance owed.
Commercial rent rolls (office, retail, industrial) typically show suite, tenant, square footage, lease start and expiration, current base rent, rent per square foot, scheduled increases, options, lease type (gross, modified gross, NNN) and expense reimbursements.
| Suite | Tenant | SF | Lease exp. | Annual rent | Rent / SF |
|---|---|---|---|---|---|
| 100 | Tenant A | 12,000 | 06/2029 | $360,000 | $30.00 |
| 200 | Tenant B | 8,000 | 03/2027 | $224,000 | $28.00 |
| 300 | Vacant | 5,000 | — | — | — |
The example is illustrative.
How lenders use it
- In-place income. Lenders total current rents to check that rental income on the T-12 is consistent with today's leases.
- Occupancy. Physical occupancy (units or space leased) and economic occupancy (rent actually collected) are often different, and lenders look at both.
- Rollover risk. On commercial properties, lenders map lease expirations over the loan term. A large tenant expiring early in the term can cut proceeds or trigger reserves.
- Loss to lease. On multifamily, the gap between market rent and in-place rent signals upside for a value-add plan, or overstated market rents.
- Delinquency. Large balances owed raise questions about collections and real income.
Common mistakes
- No "as of" date. A rent roll without a date can't be reconciled to anything.
- Not matching the T-12. If the rent roll shows $2.4 million in annual rent and the T-12 shows $2.0 million collected, explain the gap.
- Hiding concessions. Free rent and other concessions show up eventually in the lender's review.
- Inconsistent formats. A scanned PDF with handwritten notes slows underwriting. A clean, sortable rent roll speeds it up.
In the package
Send the full rent roll, a summary of occupancy and rollover, and a short reconciliation to the T-12. Dori extracts rent rolls from PDFs and spreadsheets through document extraction and keeps each number linked to its source page. For the full reconciliation process, see how to read a rent roll and T-12.