Our lease file audit consists of an inspection of all the lease files for a given multifamily asset, including apartments, senior living, and student housing. Our analysis centers on validating the most recent rent roll through a rigorous review of the leases and all relevant addenda. We also review tenant applications and credit reports (if available) to generate a demographic profile of the tenant population as a whole. Our clients use our findings to confirm the accuracy of the rent roll and to develop a more complete picture of the property’s tenancy.

The analysis generally includes the following steps:

• Review the lease files for accuracy and completeness, noting any missing signatures or erroneous addenda.

• Confirm the terms of the leases as compared to the most recent rent roll. This includes information such as unit number, tenant name, rent, move-in date, lease start date, lease end date, security deposit, concessions, and other charges.

• Complete a full demographic analysis of the property, including age, employer, occupation, household income, and creditworthiness, if available.

• Make note of any extraordinary items in the lease files, such as excessive repair orders, serious tenant complaints, and crime reports, if available.