Rent roll analysis from your AppFolio or Buildium export

Check four things on every unit: whether it is occupied, what it pays against market, when the lease ends, and whether the lease is still in force.

• Occupancy: occupied units ÷ total units.
• Loss to lease: market rent minus rent charged, on occupied units.
• Expirations: leases ending in each of the next 12 months.
• Lease status: ended leases, month-to-month leases and leases with no end date.

Example: a 12-unit building has 10 units occupied, so physical occupancy is 10 ÷ 12 = 83.3%. Three leases end in the next 90 days, so renewals start now.

Loss to lease is market rent minus the rent each tenant pays, added up across occupied units. The National Apartment Association writes it as gross market rent minus loss to lease equals gross potential rent.

Loss to lease = market rent − rent charged (occupied units only)

A negative figure means the unit rents above market. Buildium states the same number the other way round, as actual rent minus market rent.

Example: market rent is 1,450 dollars and the tenant pays 1,295 dollars. Loss to lease is 155 dollars a month, or 1,860 dollars a year.

Economic vacancy is the share of market rent the property does not charge, from empty units and below-market leases together.

Economic vacancy = 1 − rent charged ÷ gross market rent

The NAA’s economic occupancy uses rent collected instead: total rent revenue ÷ gross potential rent. Enter the month’s collections and the tool shows that figure too.

Lenders read both. Fannie Mae’s multifamily guide (Section 107) asks for 85% physical and 70% economic occupancy on the commitment date and for the 3 months before it. It counts a unit as physically occupied only once the tenant lives there and has started paying rent.

Example: gross market rent is 30,000 dollars a month and rent charged is 24,000 dollars. Economic vacancy is 1 − 24,000 ÷ 30,000 = 20%.

Run the rent roll report, export it, then drop the CSV here or copy the rows from Excel and paste them.

• AppFolio: open the Rent Roll report. Its usual columns are Unit, Tenant, Status, Rent, Deposit, Lease Start and Lease End. Report Builder adds columns from other reports, then you export.
• Buildium or Rent Manager: run the rent roll report and save it as CSV, or open it in Excel and copy the rows.
• Excel or Google Sheets: one row per unit under a header row. The blank template above has the columns.

Title lines, property headings, total rows and dates stored as Excel numbers are fine. The tool reads the “As of” date, turns property headings into a Property column and leaves totals out.

For the trust account side, use the three-way reconciliation template. For a monthly owner report pulled from your system, see Reports & answers.

Yes. Add square feet, and set rent to annual if your roll shows yearly base rent. The tool adds annual rent per square foot and the weighted lease term left.

Weighted lease term left = Σ (years left × rent) ÷ Σ rent

Example: one tenant pays 2,700 dollars a month with 0.5 years left, another pays 3,750 dollars with 2.8 years left. The weighted term is (0.5 × 2,700 + 2.8 × 3,750) ÷ 6,450 = 1.8 years. On 1,200 square feet, the first lease is 2,700 × 12 ÷ 1,200 = 27 dollars per square foot a year.