Is there an Excel version of the rent roll template?

The download is a single CSV file, which opens natively in both Excel and Google Sheets, so this is already a rent roll template excel users can work in immediately. It ships with example rows and label rows for the totals rather than live formulas, since a plain CSV cannot carry formulas between programs. Add your own SUM formula on the In-Place Rent column, or save the file as a native .xlsx workbook and build formulas there.

What columns should a multifamily rent roll include?

Unit, Unit Type, Beds, Baths, SqFt, Resident, Lease Start, Lease End, Market Rent, In-Place Rent, Other Monthly Charges, Deposit, Balance, Status, and Move-In Date, fifteen columns in total. Status should read Occupied, Vacant, Notice, Down, or Model for every unit. Vacant and down units still get a row, with In-Place Rent at zero and Market Rent left at asking so loss to lease stays computable.

How do you reconcile a rent roll to a T-12?

Take the rent roll's total scheduled monthly rent, counting occupied units at in-place rent and vacant or down units at market rent, and multiply by twelve to get annualized scheduled rent. Subtract vacancy loss, concessions, bad debt, and in-year timing differences from rent changes, and the result should equal the T-12's collected rental income. Other income is added separately after that, never folded into the rental income side of the bridge.

Why does my rent roll not match my T-12?

A gap is normal, not a red flag by itself: vacancy, concessions, bad debt, and rent increases that happened partway through the year all pull collected rent below the rent roll's annualized figure. What matters is whether the gap can be explained line by line. An unexplained gap, or one that will not close within about 2 percent after accounting for those four items, means something is missing or misstated.

Should vacant units appear on a rent roll?

Yes, every unit belongs on the rent roll every time, occupied or not. A vacant or down unit gets In-Place Rent set to zero while Market Rent stays at the current asking rate, so the unit still contributes to loss-to-lease and the property's vacancy math instead of silently disappearing from the total.

Learn · Template download

The multifamily rent roll template, ready to download

A multifamily rent roll template is a unit-by-unit worksheet: one row per unit, with columns for lease terms, market and in-place rent, deposit, balance, and status. The download below is free and ungated, no email required. Once filled in, RTOM's free health check reconciles it against your T-12's collected rent before you list.

Download the template

This is the rent roll layout brokers and lenders already expect: one row per unit, fifteen columns, and label rows for the totals. It is a plain CSV, opens in Excel and Google Sheets, free and ungated, no email required.

Multifamily rent roll template (CSV)

A plain CSV that opens directly in Excel or Google Sheets, a ready rent roll template excel and Sheets both handle natively. It cannot carry formulas between programs, so the Total Scheduled Monthly Rent row is a label rather than a live formula. Add your own SUM on the In-Place Rent column, or save the file as .xlsx and build the formulas there.

Download the template (CSV)

The download includes six labeled example rows from the same 24-unit sample property used throughout RTOM's Learn library, units 101 through 106, delete them before entering your own data, plus blank rows for the rest of the unit count. Below the unit rows sit a Total Scheduled Monthly Rent label row (occupied units at In-Place Rent plus vacant and down units at Market Rent) and an Annualized Scheduled Rent label row (that total times 12), plus a short note on handling vacant and down units: set In-Place Rent to zero and leave Market Rent at asking so loss to lease stays computable.

What is in the template

Fifteen columns run across the top, covering unit identity, lease terms, rent, and status. This is a brief pass, column and why it matters; for the full column-by-column reading, including what each one should flag, see how to read a rent roll. That page owns reading a rent roll; this one owns the template file and the reconciliation to a T-12.

Column	Why it matters
Unit	The unit number; every row ties to one physical unit, no duplicates, no gaps.
Unit Type	Floor plan code (1BR/1BA, Studio, and so on); keeps rent comparisons inside the same unit type.
Beds	Bedroom count; feeds unit-mix reporting and market comps.
Baths	Bathroom count; same role as Beds.
SqFt	Square footage; lets a buyer check rent per square foot, not just rent per unit.
Resident	Tenant name, or a vacancy marker; blank names on occupied rows are a red flag.
Lease Start	When the current lease began; clustered start dates flag a recent portfolio re-lease push.
Lease End	When the current lease expires; a wall of same-month expirations concentrates renewal risk.
Market Rent	What the unit would rent for today, at current asking rates.
In-Place Rent	What the resident is actually contracted to pay; the gap to Market Rent is loss-to-lease.
Other Monthly Charges	Recurring pet, parking, storage, or RUBS reimbursements, kept out of base rent so fees can never be stuffed into rent and then double-counted into T-12 other income.
Deposit	Security deposit on file; an unusually low deposit can flag a legacy concession.
Balance	Running amount owed, not just this month's shortfall.
Status	Occupied, Vacant, Notice, Down, or Model; drives the vacancy math in the reconciliation below.
Move-In Date	When the resident's tenancy began, which can predate the current lease term.

Status should read one of five values for every unit: Occupied, Vacant, Notice (gave notice to vacate), Down (offline for renovation), or Model. Every unit gets a row regardless of status, a vacant or down unit simply carries In-Place Rent of zero while Market Rent stays at the current asking rate.

The reconciliation: tying the rent roll to the T-12

A rent roll and a T-12 describe the same property from two different angles: one is a snapshot of leases, the other is a year of actual cash. Filling out the template is only half the job; the other half is proving the total ties to what the property actually collected. Here is that bridge, worked on the same 24-unit sample property used throughout this template.

The starting point matters: the annualized scheduled rent below is as-leased, meaning occupied units count at In-Place Rent and vacant or down units count at Market Rent, all times 12. If vacant units were counted at $0 instead, vacancy would already be baked into that starting number, and subtracting vacancy loss again in the bridge below would count it twice.

24 units × $1,400 average as-leased rent (occupied at In-Place Rent, vacant and down at Market Rent)	$33,600 / mo
Annualized scheduled rent, ×12	$403,200
Physical vacancy loss (2 units, part-year vacant)	− $14,700
Concessions	− $8,000
Bad debt / delinquency	− $7,500
In-year timing: months collected at pre-increase rents	− $14,500
Equals T-12 collected rent	$358,500
Collection gap: $44,700	11.1%

Note the in-year timing line is not the same thing as loss-to-lease: loss-to-lease is the gap between market rent and contract rent on today's rent roll, a snapshot measure, while in-year timing is what actually landed in the T-12 during the months before this year's increases took effect, a historical measure. The two often move together but they are not interchangeable.

A single collection-gap number does not decompose itself. Turning $44,700 into the four lines below takes supporting records the rent roll alone will not show: the vacancy log, the concession ledger, and the delinquency aging report. The rent roll gives you the size of the gap; those records are what explain it.

Each line in that bridge has its own evidence trail, kept separate from the rest:

Physical vacancy loss. Rent lost to units that sat empty for part of the year. Evidence lives in the property's vacancy log, dated move-out and move-in entries for each unit involved.
Concessions. Free rent or discounts that reduced what a resident actually paid. Evidence lives in the concession ledger, one line per unit and month granted.
Bad debt / delinquency. Rent billed but never collected. Evidence lives in the delinquency aging report, which shows whether a balance is being paid down or compounding.
In-year timing. Months in the T-12 that were collected before this year's rent increases took effect, so they sit below today's in-place average by construction, not because anything went wrong. Evidence lives in the lease file: compare each affected month's collected rent against the lease rate in force that month.

This same property's trailing-three collected rent averaged $32,500 against $29,000 for the prior nine months, a 12.1 percent lift. RTOM's rent-lift detector flags anything over 10 percent as critical and blocks publish until the seller attaches a written disclosure. The in-year timing line above, $14,500, is exactly the footprint that lift leaves behind in the reconciliation: it is the shortfall from months collected at the old, lower rent before the increase reached the whole rent roll.

Other income is a separate step, added after rental income reconciles, never inside the bridge above. This property's T-12 shows $31,500 of other income, but $12,000 of it is a one-time insurance claim booked mid-year, so the recurring run rate is $19,500. Mixing that kind of one-time item into the rental income bridge would make an otherwise clean reconciliation look off by a number that has nothing to do with rent.

The general formula, stated plainly: annualized scheduled rent (occupied units at in-place rent, vacant and down units at market rent), minus vacancy loss, minus concessions, minus bad debt, minus in-year timing differences, should equal the T-12's collected rental income. Other income is added after that, not inside it. If the bridge does not close within about 2 percent, something is missing or misstated, and the gap deserves a line-item explanation rather than a shrug.

Reported NOI on this property is $177,000. Verified NOI is $168,000. At a 6.00 percent cap rate that is $2,950,000 versus $2,800,000. A rent roll that reconciles cleanly to the T-12 is the evidence layer that keeps a gap like that from surprising anyone at the closing table. For the matching template on the income statement side, see the multifamily T-12 template.

Fill both templates, then verify them free

Upload your rent roll alongside a T-12 to the free health check and get the reconciliation, NOI, and every anomaly flag a buyer would find, before a buyer finds it. Free, no login.

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Frequently asked questions

Is there an Excel version of the rent roll template?: The download is a single CSV file, which opens natively in both Excel and Google Sheets, so this is already a rent roll template excel users can work in immediately. It ships with example rows and label rows for the totals rather than live formulas, since a plain CSV cannot carry formulas between programs. Add your own SUM formula on the In-Place Rent column, or save the file as a native .xlsx workbook and build formulas there.
What columns should a multifamily rent roll include?: Unit, Unit Type, Beds, Baths, SqFt, Resident, Lease Start, Lease End, Market Rent, In-Place Rent, Other Monthly Charges, Deposit, Balance, Status, and Move-In Date, fifteen columns in total. Status should read Occupied, Vacant, Notice, Down, or Model for every unit. Vacant and down units still get a row, with In-Place Rent at zero and Market Rent left at asking so loss to lease stays computable.
How do you reconcile a rent roll to a T-12?: Take the rent roll's total scheduled monthly rent, counting occupied units at in-place rent and vacant or down units at market rent, and multiply by twelve to get annualized scheduled rent. Subtract vacancy loss, concessions, bad debt, and in-year timing differences from rent changes, and the result should equal the T-12's collected rental income. Other income is added separately after that, never folded into the rental income side of the bridge.
Why does my rent roll not match my T-12?: A gap is normal, not a red flag by itself: vacancy, concessions, bad debt, and rent increases that happened partway through the year all pull collected rent below the rent roll's annualized figure. What matters is whether the gap can be explained line by line. An unexplained gap, or one that will not close within about 2 percent after accounting for those four items, means something is missing or misstated.
Should vacant units appear on a rent roll?: Yes, every unit belongs on the rent roll every time, occupied or not. A vacant or down unit gets In-Place Rent set to zero while Market Rent stays at the current asking rate, so the unit still contributes to loss-to-lease and the property's vacancy math instead of silently disappearing from the total.

Reviewed by Scott Henderson, Senior Multifamily Advisor · Updated July 2026

Next: The full underwriting sequence · How to read a rent roll · Multifamily T-12 template · T-12 anomaly detectors