Analyze a rent roll for a multi-unit property. View total income, occupancy rate, average rent, loss-to-lease, and income per square foot.
A rent roll is the most fundamental document in multi-family real estate investing. It lists every unit, its current rent, occupancy status, and lease terms. Analyzing the rent roll reveals crucial metrics: average rent, occupancy rate, loss-to-lease (how much below market current rents are), and concentration risk.
Buyers, lenders, and appraisers all request the rent roll as the first document in due diligence. Understanding how to analyze it separates amateur investors from professionals.
This calculator lets you input a simplified rent roll and instantly produces key metrics: total income, average rent, occupancy rate, loss-to-lease, and income per square foot. Use it to evaluate properties quickly or to track your own portfolio's performance.
Homebuyers, investors, and real-estate professionals all benefit from precise rent roll analysis figures when evaluating properties, negotiating deals, or planning long-term investment strategies. Save this calculator and revisit it whenever market conditions or your financial situation changes.
From first-time buyers to seasoned portfolio managers, access to precise rent roll analysis data empowers smarter negotiations, sharper investment analysis, and stronger financial planning. Adjust the inputs above to reflect your specific deal terms and explore how different variables shift the bottom line.
From first-time buyers to seasoned portfolio managers, access to precise rent roll analysis data empowers smarter negotiations, sharper investment analysis, and stronger financial planning. Adjust the inputs above to reflect your specific deal terms and explore how different variables shift the bottom line.
Quick rent roll analysis reveals whether a property's income supports its asking price. Loss-to-lease analysis shows value-add potential. Occupancy and average rent trends drive investment decisions. Instant recalculation lets you compare scenarios side by side, so every buying, selling, or investment decision is grounded in solid financial analysis. No sign-up is required, and you can instantly re-run scenarios as interest rates, property values, or your financial goals evolve. No sign-up is required, and you can instantly re-run scenarios as interest rates, property values, or your financial goals evolve.
Total In-Place Rent = Σ(Rent) for occupied units Occupancy Rate = Occupied Units / Total Units × 100 Average Rent = Total In-Place Rent / Occupied Units Loss-to-Lease = Σ(Market Rent − In-Place Rent) for units where in-place < market
Result: 87.5% occupancy, $1,400 avg rent, $1,000 loss-to-lease
7 of 8 units occupied = 87.5%. Total in-place rent $9,800 / 7 units = $1,400 average. Market rent for all 8 units = $10,800. Loss-to-lease on occupied units: $1,000/month ($12,000/year) — revenue that could be captured through strategic increases.
Start with occupancy: is it at or above market? Then look at average rents vs. comps: are you at, above, or below market? Calculate loss-to-lease: this is your value-add runway. Finally, check the lease expiration schedule: are expirations spread out or clustered?
A property with $2,000/month in loss-to-lease across 20 units has $24,000/year in untapped income. At a 6% cap rate, capturing that income adds $400,000 in property value. This is exactly why value-add investors buy properties with aging rents.
Rent rolls fluctuate seasonally. Summer typically shows higher occupancy and rents (peak moving season). Winter shows softer numbers. Always compare rent rolls year-over-year for the same month to identify true trends.
A rent roll is a snapshot of all units in a rental property showing: unit number, type, square footage, current rent, market rent, occupancy status, tenant name, lease start/end dates, and security deposit. It is the primary income document for multi-family properties.
Loss-to-lease is the difference between what a tenant currently pays and what the unit would rent for at market rate. If a tenant pays $1,100 but market rent is $1,250, the loss-to-lease is $150/month. Reducing loss-to-lease is the fastest way to increase property income and value.
Key metrics: occupancy rate, average rent, loss-to-lease, rent per square foot, lease expiration schedule, concentration of any single tenant, and trend vs. prior year. These tell you about income stability, upside potential, and risk.
Monthly for properties you manage. During acquisition due diligence, request the current rent roll plus trailing 12-month rent rolls to see trends. Compare the rent roll to bank statements to verify accuracy.
Yes. Sellers may include phantom income (from units about to vacate), exclude concessions, or use aspirational market rents. Always verify with bank deposits, tax returns, and physical inspection. "Trust but verify" is the rule.
Stabilized properties typically target 93–97% occupancy. Below 90% suggests pricing, condition, or management issues. Above 97% may indicate you're underpriced. Lease-up properties may be 60–80% during initial phases.