What Is a Rent Roll and Why Does a Lender Want It?

I ask for the rent roll on almost every apartment deal, and a lot of buyers have never heard the term.

A rent roll is a list of every unit in the building, who's in it, what they pay and when their lease ends. On a multifamily loan, the lender sizes the loan off the building's income. So that list is where they start.

They'll check it against the leases and the bank deposits. If the roll says a unit pays one amount and the deposits show less, expect questions. Empty units and tenants who are behind will show up too.

Ask the seller for a current, dated rent roll early, along with the leases. If the numbers don't match, it's better to find out before you're deep into underwriting.

SixtyFour West places your deal with lenders whose rules it fits.