Free download · XLSX
Rent Roll Template (Excel) — Multifamily + Commercial
Free Excel rent roll template used by acquisitions pros. Multifamily and commercial tabs, auto-calculated occupancy, WALT, expiration schedule, and audit flags.
Download the XLSX templateDirect download. No email required.
What's inside
- Per-unit detail: unit, tenant, size, base rent, lease start / expiration
- Concessions, deposits, pet fees, parking, tracked separately for audit
- Auto-calculated occupancy, effective rent, loss-to-lease, WALT
- Expiration schedule by year and by property-type-specific buckets
- Delinquency tracking, 3-month running AR
- Red-flag tab flagging stale leases, concessions over 1 month, loss-to-lease > 8%
A rent roll template that mirrors institutional convention
Public rent roll templates are mostly bad: missing concessions, no WALT calculation, no audit layer. This one matches the format acquisitions analysts at institutional shops actually use, with multifamily and commercial tabs side by side in the same workbook.
Two tabs because the property types are genuinely different
Multifamily rent rolls are unit-level, with churn, concessions, and RUBS as first-class concepts. Commercial rent rolls are lease-level, with step rents, options, and recoveries. Putting them in one tab with one schema is how most templates break; this one keeps them separate with a shared summary page.
Audit formulas baked in
The real value of a rent roll template isn’t the data entry, it’s catching the broker’s errors before they make it into your underwriting. The template computes:
- Loss-to-lease: effective rent vs. scheduled rent. Persistent values above 8% usually mean stale leases or mismanaged rent growth.
- WALT: weighted average lease term, which drives the exit cap discussion.
- Expiration schedule: year-by-year, plus “next 24 months” as a separate bucket because that’s what lenders ask for.
- Delinquency exposure: current AR plus 3-month running, flagged when delinquency crosses 2% of rental revenue.
When to graduate from template to platform
A well-run template gets a 40-unit multifamily or a 25-tenant commercial property through diligence. Past that size, the reconciliation step (rent roll vs. leases vs. GL) becomes the bottleneck, and it’s the single most error-prone part of diligence. That’s what Moraine’s rent roll audit module automates.
How to use the template
- 1
Choose the multifamily or commercial tab
Each tab has the field set conventional to the property type: multifamily has unit-level turnover fields; commercial has recoveries, CAM pro-rata share, and option fields.
- 2
Populate one row per unit or one row per tenant
The template is row-per-unit for multifamily, row-per-lease for commercial. Don't merge cells; the summary formulas expect flat data.
- 3
Check the auto-computed occupancy and WALT
Occupancy, effective rent, WALT (weighted average lease term), and loss-to-lease compute automatically. Compare to what the broker's rent roll claims; discrepancies are common.
- 4
Review the red-flag tab
The template surfaces loss-to-lease over 8%, concessions over 1 month, leases with no signed document on file, and delinquencies over 30 days.
Audit rent rolls in minutes, not days
Moraine ingests the rent roll, reconciles it against every lease and three months of GL, and surfaces every variance with a source citation.
See the rent roll auditTemplate FAQ
A commercial rent roll lists every tenant with base rent, lease term, size, and recovery terms. Good rent rolls also include options, escalations, free rent, concessions, deposits, and CAM obligations. A rent roll is the operating snapshot of the property.
Tie each row to the executed lease (audit the deposit, base rent, and expiration), then tie the rent-roll totals to the general ledger for the last three months. Any variance over 1% at the property level is a red flag. The template's red-flag tab automates the spot-check layer.
Yes. The multifamily tab handles unit-level turnover, concessions, pet fees, and RUBS. The commercial tab handles base rent with step schedules, recoveries, options, and WALT. Each property type has its own summary page.
For underwriting, the rent roll should match the cutoff date on the T-12. For asset management, monthly is standard; institutional portfolios typically refresh on the same close schedule as the GL.
A template is the blank grid. Rent roll analysis is what you do with it: computing loss-to-lease, expiration schedule, concentration risk, delinquency exposure. This template has both, the data entry grid plus the analysis pages.
Want this auto-generated from your actual data?
Moraine builds the filled-in version from your leases, rent rolls, or offering memorandum — in minutes.