Rent Roll Attrition Calculator

Rent roll attrition shows how much annualized rent is leaking out of a property.

Starting annualized rent roll

Move-out rent lost

Default/eviction rent lost

Concession rent lost

Attrition rate

0.05%

Total rent lost

$1,150,000

Net rent roll

$20,850,000

How the math works

Total = move-outs + defaults + concessions. Rate = total ÷ starting rent roll.

$22M × 5.2% = $1.15M lost. Net $20.85M rent roll (before growth add-backs).

How to Use

Enter starting annualized rent roll.
Enter move-out rent lost.
Enter default/eviction rent lost.
Enter concession rent lost.
Read total attrition rate.

Frequently Asked Questions

What is rent roll attrition?

Rent roll attrition measures the sum of rent dollars lost from a stabilized rent roll through move-outs (without backfill at same rent), defaults and evictions (write-offs), and concessions (reductions, free months, rent holidays). A stabilized multifamily property typically loses 3-7% of rent roll annually to attrition before growth levers kick in. Retail and office can hit 8-15% due to larger per-tenant exposure. Track monthly, report quarterly.

How does attrition compare to turnover?

Turnover = % of leases rolling in a year (typical multifamily: 40-55%). Attrition = % of rent roll lost net. These are different. High turnover with zero attrition means you're backfilling at same or higher rent (healthy). High attrition with low turnover means existing tenants are renewing at discounts (concession fatigue) or defaulting — both worrying. Institutional asset managers track both with separate KPIs.

What drives high attrition?

Soft submarket (new supply, weak demand). Aging product competing against new. Operator-specific: poor leasing team, slow make-ready, weak collections, pricing errors (rent above market or concession-heavy marketing). Tenant quality (Class C and below naturally higher default rate). Portfolio-level attrition >8% for stabilized multifamily signals structural issues needing intervention — not just cyclical softness.

How does attrition affect NOI?

1% rent roll attrition on $20M annualized rent = $200k NOI erosion. At 5% cap, that's $4M of lost value. Because attrition compounds (this year's rent loss shows up in every future year unless recovered), it's one of the most destructive operational metrics. Institutional operators run a rent roll bridge analysis monthly: starting ARR + new leases − move-outs − renewal bumps − concessions = ending ARR. Every bridge line is scrutinized.