A rent roll can tell you a lot about a property, but it should never be accepted at face value. In this episode of the Ironclad Underwriting Podcast, Jason and Frank break down how to properly analyze a rent roll, identify inconsistencies, and verify whether the numbers actually reflect the property’s performance. They discuss lease audits, tenant estoppels, concessions, delinquency, lease expiration patterns, market rent, loss to lease, and the importance of comparing the rent roll against the T12 and other property records.

Topics Covered

• How to properly read and analyze a rent roll
• Why rent rolls can be manipulated or presented in a misleading way
• What information should be included on a quality rent roll4
• Comparing the rent roll with the T12 and actual collections
• Identifying delinquency and residents who are not actually paying rent
• Understanding lease start dates and expiration dates
• Why staggered lease expirations matter
• Tenant estoppels and how they can verify actual lease terms
• Conducting lease audits during due diligence
• Verifying rent, deposits, fees, concessions, and other lease terms
• Understanding onsite staff rent concessions
• Month to month leases and their impact on a property
• Loss to lease versus actual new lease rent
• The difference between property specific rent and broader market rent
• Identifying opportunities to increase rents
• The impact of long term residents on property performance
• Renovations and repositioning opportunities created by outdated units
• Why management can make or break a deal
• Using technology to identify discrepancies and underwriting red flags

Quotes

• “Rent roll shows a snapshot of where it is at that certain point in time.”

• “Just keep in mind that concessions are important to know about and understand.”

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