Casa Academy

Reviewed by Casa Academy and updated July 29, 2026 using the current DBPR checklist and Pearson VUE scheduling guidance.

Rent Roll

A rent roll is a schedule listing each unit or tenant in an income property with lease terms, current rent, deposits, and expiration dates, serving as the primary operating snapshot for underwriting, valuation, and property management.

Exam context

Rent roll lists tenants, rents, and lease terms for income property. Used to calculate NOI for income approach. Pro forma projects future income; rent roll shows actual scheduled income.

Contents and accuracy

Rent rolls identify unit numbers, square footage, tenant names, lease start and end dates, base rent, escalations, and options. Lenders and buyers compare the rent roll to executed leases during due diligence. Discrepancies signal management issues or hidden vacancy. Updated rolls support monthly owner reporting.

Valuation role

Appraisers and investors use rent roll income to compute net operating income under the income approach. Below-market rents may justify upside projections but require lease-by-lease verification. Agents marketing multifamily listings attach rent rolls to offering memoranda with confidentiality agreements.

Examples

  • Multifamily sale package

    A broker provides a rent roll showing 24 units totaling $28,400 monthly rent with three leases expiring within 90 days for buyer review.

  • Underwriting check

    A lender finds two vacant units omitted from the seller rent roll, reducing effective gross income and lowering the approved loan amount.

Keep studying

Practice rent roll questionsEnroll in pre-licensing

Related terms

  • Income approachCapitalizes rent roll income for property valuation.
  • Net leaseLease type affecting rent roll expense pass-through columns.

Related resources

Sources