How to Prepare a Rent Roll for Your DSCR Loan

A rent roll is a snapshot of a property's rental income — who's renting, how much they're paying, and when their lease expires. For multi-unit DSCR loan applications, a well-prepared rent roll streamlines underwriting and supports a higher valuation.

What Is a Rent Roll?

A rent roll is a document listing every unit in a property along with its tenant, rent amount, lease dates, and occupancy status. It tells the lender exactly what the property earns right now.

What to Include

Required Information

Helpful Additions

• Market rent comparison — shows if current rents are below market
• Payment history — notes on late payments or balances owed
• Unit details — bed/bath count, square footage
• Pet fees or additional income — parking, storage, laundry

Sample Rent Roll

How Lenders Use Your Rent Roll

DSCR Calculation

For occupied units, lenders use actual lease rents. For vacant units, they use the appraiser's market rent estimate. The total income feeds into your DSCR ratio:

DSCR = Total Monthly Rent ÷ PITIA

Using the example above with a PITIA of $2,800:

• Actual income (3 occupied units): $3,550/month
• DSCR: $3,550 ÷ $2,800 = 1.27

If the appraiser estimates Unit 3's market rent at $1,200:

• Projected income at full occupancy: $4,750/month
• Projected DSCR: $4,750 ÷ $2,800 = 1.70

Most lenders use actual income for occupied units and market rent for vacant units, resulting in a blended figure.

Underwriting Red Flags

Lenders will scrutinize rent rolls for:

• Above-market rents — if your leases show rents 20%+ above market comps, lenders may use market rent instead
• Expired leases — month-to-month tenancies suggest instability
• High vacancy — anything above 25% raises questions
• Related-party tenants — family members renting at below or above market rates

Preparing a Strong Rent Roll

1. Use Current Data

Don't submit a rent roll from 6 months ago. Update it within 30 days of your loan application.

2. Include Supporting Leases

Attach copies of all active leases. Lenders will cross-reference the rent roll against actual lease agreements.

3. Show Market Rent Potential

If units are rented below market, include a column showing market rent and a note explaining the upside opportunity. This doesn't change the DSCR calculation but helps with overall underwriting.

4. Explain Vacancies

If a unit is vacant, note why and what you're doing about it:

• "Unit 3: Vacant — undergoing $5,000 renovation, expected lease-up by April 2026"
• "Unit 3: Vacant — listed at $1,250/month, showing to prospective tenants"

5. Keep It Professional

Use a spreadsheet, not handwritten notes. Clean formatting signals competence — lenders notice.

Common Mistakes

1. Inflating rents — lenders verify against market data; inflated rents delay or kill your loan
2. Missing units — every unit must be accounted for, even vacant ones
3. Inconsistent data — rent roll must match lease copies exactly
4. Outdated information — stale rent rolls create underwriting questions
5. Missing income sources — if you charge for parking, storage, or laundry, include it

For Single-Family DSCR Loans

Single-family properties don't need a formal rent roll — a single lease agreement (or the appraiser's rent schedule for vacant properties) suffices. The rent roll format is primarily for 2-4 unit properties and small multifamily.

Ready to Apply?

A clean, accurate rent roll accelerates your DSCR loan approval. Prepare it early and update it before submission.

Get pre-qualified for a DSCR loan →

For income verification details, see our guide on rental income verification.