If you're selling a two-flat, three-flat or four-unit building in Chicago, the rent roll is the single most important document you'll hand a buyer. Buyers, their lenders and the appraiser all start with the same question: what does this building earn? A clean, accurate rent roll answers it in one page. A messy one raises doubts that show up later as lower offers, longer negotiations or a deal that falls apart.
Here's how to build one, what to put next to it, and the mistakes we see most often.
What a Rent Roll Is
A rent roll is a unit-by-unit summary of who lives in the building, what they pay and what their lease says. It's a snapshot of the building's income on a specific date. For a small Chicago multi-unit, it usually fits on a single page, but every number on it should be backed by a lease or a bank record.
What to Include for Each Unit
- Unit number (garden, 1st floor, 2nd floor, or 1, 2, 3)
- Bedrooms and bathrooms
- Current monthly rent, the amount actually being paid
- What rent includes: heat, water, parking, storage, laundry
- Lease start and end dates, or "month-to-month"
- Move-in date, which matters for Chicago's notice rules (more on that below)
- Security deposit held, and any prepaid rent
- Notes: concessions, late payments, pending rent increases or notices already sent
A Sample Rent Roll
Here's what a rent roll might look like for a three-flat. The numbers are illustrative.
Unit | Bed/Bath | Monthly rent | Includes | Lease term | Tenant since | Deposit | Notes |
|---|---|---|---|---|---|---|---|
Garden | 2/1 | $1,650 | Heat, water | 6/1/2026 – 5/31/2027 | 6/2026 | $1,650 | — |
1st floor | 3/1 | $2,300 | Water | Month-to-month | 3/2021 | $2,000 | Below market |
2nd floor | 3/1 | $2,500 | Water | 9/1/2026 – 8/31/2027 | 9/2024 | $2,500 | — |
Total | $6,450 | $6,150 |
Date the rent roll ("as of October 1, 2026") and update it if anything changes during the sale.
Add a 12-Month Operating Statement
Income is only half the picture. Buyers will want to know what it costs to run the building. Put together a simple statement covering the last 12 months:
- Property taxes (the two most recent Cook County bills)
- Insurance premium
- Water and sewer
- Gas and electric for anything the owner pays (heat, common areas, hallway lights)
- Scavenger or garbage service, if private
- Repairs and maintenance, with the larger items listed separately
- Any management, snow removal or landscaping fees
If you live in one of the units, note which costs are shared and which are yours alone. A buyer who plans to rent every unit will want to see the building's costs as a pure rental.
Documents to Have Ready
- A copy of every current lease and any renewals or amendments
- Records showing where each security deposit is held; Chicago requires deposits to be kept in a separate account, and interest is owed to tenants
- Any notices you've sent tenants about non-renewals or rent increases
- Receipts for major work: roof, tuckpointing, porches, boilers, water heaters
- Recent property tax bills and any appeal history
Mistakes That Cost Sellers Money
Listing "market rent" instead of actual rent
If a unit is rented at $2,300, the rent roll says $2,300, even if you're sure it could get $2,700. You can note the upside separately, but lenders and appraisers work from what's actually collected. Inflated numbers get caught when the buyer reviews the leases.
Rents that don't match deposits
If the rent roll shows $6,450 a month but your bank deposits show less, buyers will assume the lower number. Make sure what you report matches what actually lands in your account.
Missing or expired leases
Month-to-month tenants are fine, but say so. A lease that expired two years ago with no written renewal creates questions about what terms actually apply.
Sloppy security deposit records
When a building sells, the deposits and any interest owed transfer to the buyer, and the new owner has to notify tenants in writing. Chicago's penalties for mishandled deposits can reach twice the deposit amount. Buyers know this, and an unclear deposit record makes them nervous.
Ignoring tenancy length
How long a tenant has lived in the unit determines how much notice they're owed under Chicago's Fair Notice rules: 30, 60 or 120 days. If you or the buyer may want a unit vacant, the move-in date on the rent roll tells everyone how long that will take. We cover that decision in detail in Should You Sell Your Chicago Multi-Unit Occupied or Vacant?
Why It Matters for Your Price
Small multi-units are valued largely on income. Investors compare what a building earns against what it costs, and owner-occupant buyers' lenders count part of the expected rent toward qualifying. When your rent roll and operating statement are complete and consistent, buyers can underwrite the building quickly and with confidence. That's how you protect your price.
Get the Checklist
Our free Chicago 2-4 Unit Checklist covers everything to gather before you list, plus what to expect at closing. For more on selling, buying and financing these buildings, visit our page for Chicago multi-unit specialists.
Talk to Joe and Katherine Tighe. Email [email protected], call Joe at (312) 345-5353, or call Katherine at (708) 847-9913.
