A list of every unit or space in a property showing the tenant, the rent, the lease dates and what is vacant, as of a stated date.
The rent roll is the first property document a lender reads on any rental deal. For apartments it lists each unit, its size, the tenant, the rent, the lease start and end, and any balance owed. For commercial space it adds square footage, expense reimbursements, options and rent steps.
A lender uses it three ways. It adds up the rent to see what the property could earn when fully leased. It looks at when leases expire, because a building where many leases end in the same year can lose much of its income at once. And it tests the document against other evidence: the OCC handbook tells examiners to review current rent rolls and leases, and for apartments it cautions that a rent roll can show high occupancy while collections lag, so the rent roll should be compared with rent actually collected.
The request does not stop at closing. The handbook says loan covenants should require periodic rent rolls and operating statements: yearly may be enough for a stabilized apartment building, while a property in lease-up or with many tenants may report monthly or quarterly. Date the rent roll, sign it, and make sure it agrees with the leases you hand over.
How it shows up in the data here
Not in the data. No rent roll, lease or tenant name is in any public filing on this site. Bank call reports give one balance per loan category, and HMDA gives loan terms without property income. To see who lends on rental property, use multifamily lenders, investor CRE lenders and loan comps.
Go further
- Investor CRE lenders: Banks and credit unions holding loans on rented commercial property.
- Deal summary builder: Put the property's income and the request on one page.
- Deal summary builder: Turn the facts of a deal into a clean one-page summary you can copy or print. Nothing is saved or sent.
- DSCR calculator: Cash flow over debt service. Type the cash flow and the loan terms, see the ratio and the cushion before it falls to 1.00x.
- Investor commercial real estate loan checklist: On an investor property the rent pays the loan. The package is the evidence for the rent: who pays it, for how long, what it costs to collect, and who stands behind the borrower if it stops.
- Multifamily loan checklist for 5+ unit properties: A larger apartment loan can go to five kinds of lender. They want much the same package. They differ on recourse, term, prepayment, speed and what they ask of the sponsor.
- What a lender-ready loan package looks like: A lender decides in minutes whether to keep reading. A package that answers the first five questions on one page, and backs each answer with a document, gets read.
Related terms
- T-12 (trailing 12 months): A property's income and expense statement for the most recent twelve months, usually shown month by month.
- Effective gross income (EGI): The income a property is expected to produce after subtracting an allowance for vacancy and for rent that will not be collected.
- Net operating income (NOI): A property's annual income minus its operating expenses, before loan payments, income taxes and depreciation. It is the top number in DSCR and debt yield.
- Tenant estoppel certificate: A signed statement from a tenant confirming the terms of its lease and that the lease is in effect, which a lender or buyer can then rely on.
- Lease-up: The period after a building is finished or renovated while it fills with tenants and its income climbs toward a stable level.
- Pro forma: A projection of a property's or project's future income, expenses and cash flow, built on stated assumptions and not on past results.
Sources
Plain definitions for orientation, not legal, tax or credit advice. A lender's own policy decides what it will do.