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Sometimes called a register of rents, a rent roll is a formal document listing all the rental properties owned by a specific landlord or rental company, and information about the rental prices associated with those properties. The degree of detail included in a rent roll will vary based on local custom, the personal preferences of the owner, and in some cases local laws and regulations that have to do with the accounting process for local businesses. In any form, the rent roll provides a quick and easy reference for properties involved, along with basic information that may be helpful in obtaining financing or managing tenant records.
A basic rent roll will include essential data about each property that is current owned by a landlord. This basic data will include the location of the rental property, whether that property is currently occupied or is standing empty, and the rental rate attached to that property. The roll may also include the physical address of each property along with a brief description. When used as part of the accounting documents, the rent roll will also usually document the current status of payments received from tenants, making it easy to determine which tenants are in arrears and which ones are current in their rent obligations.
Additional details may be included on the rent roll at the owner’s discretion. For example, some rolls will indicate if a given property is currently leased and when that lease will expire. If the property is rented on a month-to-month basis, that information will also be included. Some rent rolls will also include information about recent upgrades to the property, providing the owner with a quick reference when the time comes to renew a lease or to prepare a recently vacated property for a new tenant.
Depending on the type of information that is included in the rent roll, this document can be very helpful when the owner chooses to put a piece of real estate up for sale. Since the roll is often an ongoing document that captures rental history, the details can be extracted and provided to potential buyers. At a glance, buyer can see how much income the property generates per unit, the status of any rental leases that may apply, and the current rent for each of those units. Data of this type is often essential to buyers who are seriously considering the purchase of a rental property, since it helps to get an idea of whether or not the property can eventually pay for itself and become a money maker.
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