What it contains
For multifamily, a rent roll lists each unit's type, occupant, current and market rent, lease dates and any concessions or arrears. For office, retail and industrial, it lists each tenant's square footage, base rent, rent steps, expense reimbursements and lease expiration.
How lenders use it
It drives underwritten income, occupancy, lease rollover and tenant concentration, and through them the loan's sizing and debt service coverage. Lenders ask for a certified rent roll at application and closing, and borrowers report one periodically while the loan is outstanding.
Where the work is
Every property management system exports rent rolls in its own layout, and many arrive as scanned PDFs. Analysts rebuild each one by hand and reconcile it to the leases, at origination and whenever the borrower reports.
Where automation helps
Automation reads rent rolls in any layout into the lender's format and reconciles them to the leases and operating statements. Differences, such as a rent that does not match the lease, go to the analyst to resolve.