Finance category
Mortgage, loan, investing, tax, and money calculators.
Rent Spread Calculator
Rent spread compares expiring lease rate to new (renewal or replacement) rate, expressed as a percentage change. Public industrial and multifamily REITs report cash and straight-line rent spreads quarterly as a leading indicator of NOI growth. This calculator computes the spread, incremental NOI, and market rent capture so operators can benchmark leasing performance.
Cash rent spread %
25.93%
Spread / SF
$7.00
Incremental annual NOI
$35,000
Market rent capture %
106.25%
100% = at market
How the math works
Rent spread is the percentage change between expiring lease rate and the new (renewal or replacement) rate. Industrial REITs report spreads quarterly — positive spreads (15-30% in 2022 industrial cycle) signal strong fundamentals and net effective rent growth.
Cash spread vs straight-line spread differ for stepped rents — straight-line averages future bumps, cash uses year-1. Use cash for cap rate and current NOI; straight-line for GAAP.
How to Use
- Enter expiring lease rate, new lease rate, and market rate (all $/SF).
- Enter SF being re-leased.
- Read cash spread %, $/SF spread, incremental NOI, and market capture %.
Frequently Asked Questions
Cash vs straight-line spread?
Cash uses year-1 rent only; straight-line averages all future steps. GAAP reporting uses straight-line; cap rate underwriting typically uses cash.
Reasonable spread benchmarks?
Industrial 15-25% (2021-2024 cycle); multifamily 5-10%; office often negative (-5 to -15%) in soft markets; retail varies widely.
Why include market capture?
Lets you see how close new lease is to true market — a 100% capture means lease was struck at market; below 100% means you left value on the table.
Related Calculators
More Finance Calculators
Browse all finance →AI Cost Calculator
Compare token costs across OpenAI, Anthropic, and Google AI models. Calculate monthly API spending for GPT-4o, Claude, Gemini, and more.
Tip Calculator
Calculate the perfect tip and split the bill between friends. Choose preset percentages or enter a custom tip amount.
Bill Splitter Calculator
Split an uneven restaurant bill by item, divide tax and tip proportionally, and see exactly who owes whom.
Discount Calculator
Calculate sale price, discount amount, stacked discounts, sales tax, and total savings for any markdown.
Gas Mileage Calculator
Calculate MPG or km/L, estimate trip fuel cost, and compare annual fuel expenses between two vehicles.
Sales Tax Calculator
Add sales tax to a price, reverse-calculate the pre-tax amount from a total, and estimate tax for multiple items on one receipt.
Keep exploring
Next steps in Finance
Previous calculator
Rent Roll Vacancy Gap Calculator
Break market-potential to collected rent into six leakages — loss-to-lease, vacancy, downtime, concession, bad debt, non-revenue — for economic occupancy.
Next calculator
Rent Step-Up Calculator
Schedule total contract rent on a fixed annual rent step-up — average rent, final year, and full term value.