Most owners receive a rent roll every month and scan for occupancy. That single number is useful — and incomplete. The rent roll is a ledger of economic exposure, not a summary statistic.
Start with economic occupancy
Physical occupancy tells you how many units are leased. Economic occupancy tells you how much rent you are actually collecting after concessions, abatements, and delinquency.
Note
A property can show 96% physical occupancy and still underperform if two large tenants are on abatement or paying below market on old leases.
The five columns that matter
- Contract rent — what the lease says.
- Net effective rent — after concessions and free rent.
- Lease end — when exposure begins.
- Options — what the tenant can do next.
- Delinquency — who is behind, and by how much.
What to ask your manager
“The rent roll is not a report card. It is the raw material for every owner question that matters.”
Take these five questions to your next review:
- Which tenants roll off in the next 180 days?
- Where is net effective rent below contract rent?
- Which units are in turn and not yet reflected in occupancy?
- Who is over 30 days past due?
- Does your summary match the rows — to the unit?
Key takeaway
Read the rent roll row by row. The summary line is where discrepancies hide.