Download our collection of Free Rent Roll Form Templates using MS Excel and MS Word to assist you in preparing and printing your own Rent Roll Form quickly.
For an individual who has an apartment that is rented, managing this piece of property is not a big problem because there is just one property and one tenant to handle. If we talk about a landlord or property manager who not only manages multiple properties and tenants but these are all different sorts of properties from a studio apartment to a condo to a shop to a dairy farm, it doesn’t seem easy to manage these properties at once. For these individuals who manage more than one property and multiple tenants at once, there is a document that records all transactions and rent details and it’s known as the rent roll form.
Importance of Rent Roll Form:
First of all, as discussed above, a rent roll form is used by landlords and property managers to easily manage and handle rented properties. This document records the details of each property, the name of the tenant, the amount of rent, and the date on which the tenant is required to make the rent payment. As soon as a tenant makes the rent payment, the manager can write it down on the form and in the same manner, if a tenant is behind the rent payment, his entry on the rent roll form can also indicate that his rent is due. Other than that, people use this rent roll form to estimate the income they get from all sorts of properties. It’s amazing to see that this simple yet comprehensive piece of paper not only allows the users to see their total income at any given moment but can also help for taxation purposes.
When you pay your taxes, IRS might ask for your income proof and with this rent roll form, you can easily provide evidence of rented properties and the rent you receive from each tenant. Then there is the added benefit of a rent roll form to serve as the business income proof for buying or selling a piece of property. If you decide to sell your apartment, the buyer might ask for rent roll forms to see how much rent you earn each month from the property and then he can estimate the cost of the property to offer you.
Free Rent Roll Form Templates – MS Word
Here is the preview and download link for the Free Rent Roll Form Template using MS Word format,
Key Elements of a Rent Roll Form:
- Name of the landlord/property manager
- Details of each property i.e. address, type, area, etc.
- Name of the tenant(s) with permanent address and contact information
- Date on which the property was rented to the tenant
- Use of the property i.e. residence, business, or storage
- Amount of security deposit received from the tenant
- Amount of rent accepted by the tenant
- Date on which the rent will be paid i.e. usually it’s the 5th of each month
- Expected annual increase in rent
- Date on which the tenant will vacate the property (if applicable)
Guidelines to create a Rent Roll Form:
Understand the Basics of Rent Roll Form:
Before you start preparing a rent roll form, first you need to understand what this document is used for and what purposes it serves. There can be different reasons for preparing a rent roll form and each individual has their reasons to use this form. With each different use, the amount of data and type of information change in the form. If you have no experience in using this form in the past, it’s better to understand the purpose and make a list of uses of the form. Once you have the list of necessary information and requirements, it’s easy to look at samples and see which one serves the purpose better.
Select Suitable Design:
While preparing a rent roll form, you have a couple of options. First of all, you have ready-made templates available on the internet that you can use. Most of these designs are free of cost and there are no limitations for individual or corporate use as well. Then there is the option for you to either edit the template and amend the design or create a new design from scratch using a website. There is another option for individuals to just look at the samples online, get inspiration or a general idea of how a particular rent roll form should appear and what information it should include, and then design their form on the computer. It might sound difficult and complex but a rent roll form is nothing more than a simple spreadsheet in which you include details of rented properties, tenants, and income.
Add Relevant Information:
Once a particular design of the rent roll form is selected, you need to add relevant data into each column and row. There is the possibility that once you add the data and finish the document, you will observe specific detail is missing and with MS Excel format, you can easily manipulate the document by adding or removing information. For instance, if there is no room for mentioning vacant properties on the sheet, you can easily add it later in form of a column or row.