Rent roll analysis

Every unit tied to its lease and the resident ledger, then gross potential rent walked to effective gross income on rent net of concessions. Every exception priced

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XLSXDOCX15 steps

The problem

Phoenix ranked first for concession depth in July. The rent roll shows contract rent

RealPage ranked Phoenix first for concession depth in July, at 15.4 percent off asking rent: pressure "narrowing in reach but not in intensity". The rent roll shows contract rent; the free rent sits in the resident ledger. Take the rent column as effective rent and physical occupancy as economic, and effective gross income is overstated on every unit that took a concession or stopped paying

The request

Project Juniper: we're in diligence on a 312 unit, 2019 garden community in suburban Phoenix. Everything is attached. Audit every lease against the September 30 rent roll and tie each unit to the ledger: rent, term, concessions, deposits, charges and balance. Reconcile units, occupancy and income to the August T12. Concessions sit in the ledger, not the rent roll; find every one and get effective rent by unit. Set market rent by floor plan from recent new leases and comps. Walk gross potential rent to effective gross income on the T12, T3 annualized, rent roll run rate and Fannie Mae's basis for our loan. Memo the exceptions and our adjustments. Flag every unit that doesn't tie; never drop one.

Juniper Rent Roll 9.30.26.xlsx
Juniper Lease Files.pdf
Juniper Resident Ledger Jun to Sep 2026.xlsx
Juniper T12 Aug 2026.xlsx

How Axe works

ApprovedChanges asked

Your reviewApprove, or say what to change

Approved or changes

Rent roll analysis and memoWorkbook, memo and tie out report

Final reviewApprove the revised files

Revised rent roll analysis and memoRevised files and tie out report

Step

Reconcile the ledger

Prompt

Sent to the model at this step

Tie every unit to the resident ledger, month by month from June to September. Map each charge code to rent, concession, other charge, fee, deposit, payment, write off or transfer, and list any code you cannot map. For September, agree each unit's rent and recurring charges to the rent roll and its lease, and its deposit held to both, and total the deposit liability the buyer is credited at closing. Then find every concession wherever the property books it: a one time credit at move in or renewal, a recurring credit against rent, a rent charge posted below the lease rent, a concession coded as a write off or a write off coded as a concession. Carry employee discounts with the employee units, not in concessions. Match each to its lease, note any the lease audit missed, and spread it over the lease term to get effective rent by unit. Build delinquency at September 30 by unit and age, kept apart from prepaid rent and deposits, and list write offs, payment plans, evictions filed and residents who have paid nothing since moving in. Mark each occupied unit paying, delinquent or not paying. Compute economic occupancy for each month as net rental collections over gross potential rent. Show contract against effective rent by floor plan and in total, monthly and annualized.

Uses

Rent roll
Lease files
Resident ledger
Unit list
Lease audit

Produces

Ledger reconciliation

What you get back

XLSXRent roll analysisIncome walk, unit mix, audited rent roll, exceptions, concessions, delinquency, market rents and expirations

DOCXDiligence memoAdjusted effective gross income first, then each exception, our adjustments and seller questions

Tie out reportEach unit and figure marked tied, corrected or open, with every correction

Make it yours

Point it at your next deal, set market rent your way, or match your firm's underwriting format and memo layout. Every step and every prompt can be edited

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