When you refinance a rental, renew with a different lender or buy another building, the rent roll is usually one of the first documents the underwriter asks for. It's a simple document, one row per unit, but the lender uses it to test the income the whole loan depends on. A rent roll that's messy, stale or inconsistent with your other documents slows the file down, and can affect how much the lender is willing to count.
What the lender is trying to learn
An underwriter reads your rent roll alongside your leases, bank statements and rental statements or T776s. They're asking four questions:
- Is the income real? Are there actual tenants paying the rents shown?
- Is it stable? How long are the leases, when do they expire, and how many units are vacant?
- Is it at market? Rents well below market can be upside or a sign of a problem; rents well above may not be sustainable.
- Does it reconcile? Do the totals line up with the deposits in your bank account and the income on your tax return?
The columns to include
| Column | Why it matters |
|---|---|
| Unit number | Matches the unit to the lease and the building's layout |
| Unit type (bedrooms, bathrooms, approximate size) | Lets the lender compare rents to the market |
| Tenant name(s) | "Occupied" isn't enough; the lender may match names to leases |
| Monthly rent | The contractual rent, not the asking rent |
| Other recurring charges (parking, storage) | Shown separately from base rent |
| Subsidy portion, if any | Tenant and agency portions shown separately |
| Lease start and end date, or month-to-month | Shows how secure the income is |
| Date of last rent increase | Helps the lender understand rent growth and future potential |
| Deposit held | Shows a liability the owner holds, and where |
| Arrears | Any balance owing, by tenant |
| Vacant since / days vacant | Vacant units shown honestly, never with a rent in place |
At the top, include the property address, the legal owner (the same name as on the mortgage application) and the date the rent roll is as of. At the bottom, total the number of units, occupied units, occupancy rate, rent in place, potential rent if every unit were rented, and the difference lost to vacancy.
What a few rows look like
| Unit | Type | Tenant | Rent | Subsidy portion | Lease | Deposit | Arrears | Vacant since |
|---|---|---|---|---|---|---|---|---|
| 101 | 2 bed / 1 bath | J. Martin | $1,450 | None | Fixed term to 2027-04-30 | $725 held | $0 | |
| 102 | 1 bed / 1 bath | R. Singh | $1,250 (tenant $465, agency $785) | $785 | Month-to-month since 2025-09-01 | Filed with provincial holder | $0 | |
| 201 | 2 bed / 1 bath | Vacant | $0 (asking $1,475) | 2026-05-15 |
The names and figures are illustrative. Note that the vacant unit shows no rent in place, the subsidized unit shows both portions, and the month-to-month tenancy is labelled as such.
Pick an "as of" date and stick to it
A rent roll is a snapshot. Every figure on it should be true as of one date, usually the most recent month-end. Mixing dates (this month's rents with last month's vacancies) is one of the most common sources of questions. If something important changed after the date, such as a new lease signed, add a short note rather than editing the snapshot.
Common reasons a rent roll gets sent back
- The total rent doesn't match the deposits in your bank statements.
- Tenant names are missing, or units are marked "occupied" without detail.
- Leases that have expired are shown as fixed-term. If the tenancy is now month-to-month, say so.
- Subsidized rent is combined into one figure, so the lender can't see who pays what.
- A vacant unit shows the old tenant's rent.
- A unit rented to a relative at below-market rent isn't explained.
- The rent roll is in a different name from the borrower or the owner on title.
- It's months out of date.
Show subsidized rent honestly
Where a housing agency pays part of the rent, show the total contract rent with the tenant portion and agency portion beside it, using the split in effect on the rent roll date. Be ready to provide the agreement with the agency. Our guide to tracking unit-based and tenant-based rent supplements covers how to keep those splits current.
Documents lenders commonly ask for alongside it
- Copies of leases, or a sample lease with a summary of terms.
- The last one or two years of rental statements or T776s.
- A year-to-date operating statement.
- The current property tax bill and insurance declaration.
- The current mortgage statement, if you're refinancing.
- Bank statements showing rent deposits.
Start before the renewal letter arrives
Federally regulated lenders must send a renewal statement at least 21 days before the end of the term. That's too late to start gathering documents if you want to compare offers. The Financial Consumer Agency of Canada suggests starting a few months before the term ends; having a current rent roll ready is a big part of that.
A monthly habit beats a scramble
- Update the rent roll after every move-in, move-out and rent change, with the effective date.
- Record subsidy changes with their effective dates.
- Reconcile the rent roll to your bank deposits once a month.
- Keep deposit records current: amount, date, and where it's held.
In Propvara
Propvara builds the rent roll from your tenancy records: unit, tenant, rent, lease dates, notice given, vacant since and days vacant, deposits and whether they're filed with the provincial holder, and subsidy portions shown separately. You can view it as of any past date and export it to CSV. If your current rent roll lives in a spreadsheet, you can import it from CSV to get started.
Sources
This article is general information for Canadian landlords and managers, not legal, tax or financial advice. Rules vary by province and change over time.