Underwriting automation · 5 min read · Updated 2026-06-16
The short answer
Rent roll analysis is the process of reading a property’s unit-by-unit lease schedule to establish in-place income, occupancy, and lease structure. The fields that matter most are unit type, in-place rent, lease start/end, and occupancy status — because they determine current NOI and the gap between in-place and market rent that drives the business plan.
What is a rent roll?
A rent roll is a unit-by-unit schedule of a property’s leases: for each unit it lists the unit type, the current (in-place) rent, lease start and end dates, and whether the unit is occupied, vacant, or down. It is the source of truth for current income and occupancy.
Which rent roll fields matter for underwriting?
- Unit type / mix — drives comparability and the renovation plan.
- In-place rent — the basis for current revenue and NOI.
- Lease start / end — rollover timing and mark-to-market opportunity.
- Occupancy status — physical vs. economic occupancy.
- Concessions / other charges — net effective vs. gross rent.
In-place rent vs. market rent — what’s the difference?
In-place rent is what current tenants actually pay. Market rent is what a unit would lease for today. The gap between them — the mark-to-market — is the loss-to-lease an operator aims to capture as leases roll. Quantifying that gap accurately is the core of a value-add underwrite, which is why in-place and mark-to-market rent comps are analyzed separately.
How does DealPulse analyze a rent roll?
DealPulse parses an uploaded rent roll by unit type, capturing occupancy and lease terms, and surfaces the result for analyst review before anything reaches your model. It also produces in-place and mark-to-market rent comps so the loss-to-lease is grounded in comparable evidence, not a flat assumption.
Frequently asked
What is loss-to-lease?+
Loss-to-lease is the difference between market rent and the lower in-place rent across a property’s occupied units. It represents revenue an operator can potentially capture as below-market leases roll to market.
What is the difference between physical and economic occupancy?+
Physical occupancy is the share of units that are physically leased. Economic occupancy is the share of potential rent actually collected, which is lower once concessions, delinquency, and non-revenue units are accounted for.
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