What is a rent roll?
A rent roll is a comprehensive document or spreadsheet used by landlords, property managers, and real estate investors to compile all the key details about the rental units they manage or own. In our last startup, Enodo, we built the best rent roll parsing algorithm in multifamily. With HelloData.ai, we monitor rents at the unit level every day across millions of apartment listings to find the last price before each unit is taken off the market, which typically matches up within $5 of the actual leases on a rent roll.
The rent roll typically includes information such as:
- Tenant Names: The names of all tenants occupying the rental units.
- Unit Information: Details about each unit, like its number or identifier, size, and type (e.g., studio, one-bedroom).
- Lease Terms: The start and end dates of each tenant's lease agreement.
- Monthly Rent: The amount of rent each tenant is required to pay per month.
- Rent Status: Indicates whether the rent is current, overdue, or prepaid.
- Security Deposits: Records of security deposits held for each unit.
- Additional Fees or Income: Any additional income associated with the rental units, such as parking fees, pet fees, or late payment fees.
Rent rolls are essential for managing rental properties effectively. They offer a quick overview of the financial performance of a property, are useful for tracking tenant lease expirations, and are crucial for real estate transactions, such as when a property is being sold or refinanced. Investors and lenders often examine rent rolls closely to assess the income-generating potential and stability of rental properties.