Rent roll: a snapshot
A rent roll lists each unit today: tenant, lease dates, rent, deposit, balance owed. It shows the current state of income — occupancy, loss-to-lease, and lease expirations.
T-12: a trailing year
A trailing-12-month statement shows actual income and expenses month by month for the past year. It shows what the property really collected and spent, including seasonality and one-time costs.
Use them together
If the rent roll shows much higher income than the T-12, ask why: recent rent increases, lease-up, or rents that aren't being collected. Reconcile both with bank statements during due diligence.
This guide is general information, not legal, tax or financial advice. Talk to your own advisors about your situation.
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