- An annual total without units, a reference period and payment reconciliation conceals important discrepancies.
- Rent arrears, vacancy and unlawful rent demands are different valuation issues.
- Every adjustment from recorded income to expected income needs an amount, a period and supporting evidence.
First establish the valuation date and the full property inventory
Put the valuation date, analysis period and preparation date at the top of the list. A monthly extract describes the current position; at least one complete accounting year helps identify payment interruptions and one-off effects. If available, two further years add a picture of the trend. Where periods differ, first make the totals comparable.
Give every apartment, commercial unit and separately let ancillary space a stable identifier. Record use, floor, area and its source, letting status and contract reference. Reconcile the list with plans, tenancy agreements and the inspection. Otherwise, an apartment created by merging units may appear twice, or a let storeroom may be missing. Unknown areas are marked as unresolved.
Which columns a useful rent roll needs
For the reconciliation, it is advisable to use base rent excluding service charges and VAT. Other charges remain separately identifiable, for example for furnishings or separate services. This presentation choice does not mean that every additional amount automatically counts towards the owner's sustainable income. The services provided in return, costs and contractual basis must support that treatment.
Separate the rent currently charged from a legally permissible rent that has been professionally checked. A payment confirms neither the correctness of the rent calculation nor the validity of an increase. Record the start of the agreement, amendments, most recent adjustment and the corresponding supporting document. Legal requirements are checked for each rental unit; a single label for the whole building is insufficient.
| Column group | Entry | Checking question |
|---|---|---|
| Property | Unit number, use, area, area source | Is the unit fully accounted for? |
| Agreement | Start, term, amendments, document number | Which agreement applies on the valuation date? |
| Charges | Base rent, costs and tax shown separately | What is being charged, and for which period? |
| Payment | Allocation, arrears, credit | What has been paid against the respective amount due? |
| Assumption | Vacancy, review status, future start | Which discrepancy still needs evidence? |
Foundations: RIS – Bundeskanzleramt [2]
Reconcile amounts due and received with the tenant account
Here, 'due' means the amount charged for the period, and 'received' means payments allocated to it. State this definition explicitly: property management software sometimes uses the terms differently. A January payment may settle a December charge. Deposits, service-charge balancing payments and later payments of arrears must not artificially inflate ongoing base rent.
For each unit, reconcile the opening balance, charges, adjustments and payments to the closing balance. Investigate larger differences individually: late payment, an agreed deferral, a rent reduction or a disputed claim call for different assumptions. A clear note is better than a blanket default percentage that deducts arrears already accounted for a second time.
Describe vacancies and tenancy changes over time
A vacant unit is not assigned invented current rental income. Document how long it has been vacant, whether it is technically lettable and which works must be completed first. Record an expected rent on reletting with its own supporting basis and earliest possible start. Marketing duration, an initial rent-free period and costs belong in the same analysis.
A recorded contract end date does not guarantee that the unit will be returned. The fixed term, extensions and actual history of the agreement must be checked. If the legal position remains unresolved, the list first shows the documented existing position alongside a conditional scenario. It does not need an apparently precise move-out date simply because the valuation model could process one.
Foundations: RIS – Bundeskanzleramt [3]
Bridge the rent roll to the valuation model
Below the totals, prepare a reconciliation: starting income, documented timing adjustments, separate assumptions and the resulting expected income. The owner's ongoing expenses are then added. § 5 LBG takes income, expenditure, default risk, useful life and capitalisation into account in an income approach. The rent roll provides important inputs, but does not yet establish a property value.
Label every assumption with its source and review status. Hand over the list, an explanation of its terminology and the referenced documents. Personal information should be limited to what is necessary for the specific review. This allows the valuation professional to identify which amounts come from the accounts and which still need professional confirmation.
Foundations: RIS – Bundeskanzleramt [1]
Fictional monthly reconciliation with three units
A calculation example only, unrelated to any actual Vienna building. All amounts concern base rent only, excluding service charges and VAT.
- Unit 1: 600 euros charged, 600 euros paid against this month. Unit 2: 800 euros charged, 650 euros paid against this month. Unit 3: vacant, no charge.
- The monthly amount due is 1,400 euros; payments allocated to it total 1,250 euros. The outstanding difference is 150 euros; it is first investigated in the tenant account.
- If the existing position remained unchanged, a simple extrapolation would give an annual amount due of 16,800 euros. This is expressly not a confirmed annual forecast.
- For unit 3, a possible monthly rent of 900 euros appears in a separate assumptions column. A legal review, an assessment of lettability and a start date are still required before it can be included.
The table shows whether uncertainty arises from a payment, an agreement or a planned letting. A single total would conceal these causes.
Your next assessment steps
Record what you have already clarified and which documents you still need.
Rent rolls and tenant accounts covering the same period
These enable reconciliation of charges, payments and arrears.
Where can I obtain the supporting information?
Request an analysable file from the property manager.
Contract file with amendments and adjustment letters
This documents the source of every current rent figure.
Where can I obtain the supporting information?
Combine the manager's records and your own documents by unit identifier.
List of vacant or owner-used units
This prevents missing actual income from being silently replaced by hoped-for rents.
Where can I obtain the supporting information?
Cross-check with the property manager and the inspection.
Annotated reconciliation
This separates the accounting position, timing adjustments and unverified expectations.
Where can I obtain the supporting information?
Complete it together with the valuation professional.
Reading and checking are possible without signing in. Your saved checklists are private under My area. The selection does not confirm a professional assessment of your property.
Sources and date
The following sources support this main article. For your specific property, current documents and the applicable conditions matter.
- RIS – BundeskanzleramtProperty Valuation Act § 5: income approach
- RIS – BundeskanzleramtTenancy Act § 16: agreements on the amount of base rent
- RIS – BundeskanzleramtTenancy Act § 29: termination and renewal of the tenancy agreement
Editorial date: 11/09/2026. Examples explain relationships and do not contain an individually prepared property valuation. Editorial work and sources.
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