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Sale Preparation Term

Rent Roll

Rent roll explained for apartment owners preparing for valuation, buyer review, or sale.

By Don Favia · Updated July 3, 2026

Direct Answer

A rent roll is the current schedule of units, tenants, rents, vacancies, lease terms, and related income details for an apartment building. It is one of the first documents buyers review because it shows the income they are actually underwriting.

Why It Matters

The rent roll turns a building from a physical asset into an income stream buyers can analyze. Missing or inconsistent rent roll details create uncertainty, and uncertainty usually shows up in price or diligence friction.

What Buyers Look For

Buyers review current rent, market rent, tenancy history, vacancy, concessions, unit mix, and whether the income is supported by leases and payment history.