Rent roll
Every lease, year by year, with expiries priced in.
By Surojit Chakraverti, founder of L3VLUP and an investor running a long-short healthcare and technology equities strategy.
On this subject: rent roll.Updated 30 September 2026
Part of real estate models, with the models, labs and guides around it.
What it does
The revenue build of a property, lease by lease. Each tenant pays contractual rent, with its contractual increases, until its lease expires, then market rent; in the year after expiry the model charges downtime, tenant improvements and a leasing commission, each weighted by the probability that the tenant leaves. The lumpiness this produces is the point: vacancy is an event at expiry, not a smooth percentage.
Where it lives
The same schedule in each model that carries it, with the rows to open. Open a model in the browser, go to the sheet, and click the lines.
- Tenants, rows 6–15: Rentable area, Contractual rent, Year 1, Lease expiry year, Renewal probability…
- Rent Roll, rows 6–8: Year, Market growth index, Contractual rent increase index
- Rent Roll, rows 11–24: Tenant A: rent, Tenant A: leasing costs, Tenant B: rent, Tenant B: leasing costs…
- Rent Roll, rows 27–29: Gross rental income, Leasing costs, Economic occupancy
What a reviewer looks for
- A flat vacancy assumption that hides the years where expiries cluster.
- Tenant improvements treated as capex on a percentage of revenue.
- Market rent grown from the in-place rent rather than from market evidence.
Learn it, then build it
Build · Lab · ~12 min
Rent Roll Underwriting
Turn a rent roll into income, read mark to market and the reversion, price the first lease expiry with downtime and leasing costs probability-weighted, and state the WALT.
Read · Guide · 13 min
Real Estate Financial Modelling: Why Corporate Finance Mechanics Break Here
Vocabulary: Rent Roll, Net Operating Income (NOI).