Finance category
Mortgage, loan, investing, tax, and money calculators.
Underwritten vs Actual Rent Calculator
Pro forma rent often diverges from actual collections. This calculator sizes the variance.
Annualized actual
$2,160,000
Variance vs UW
-$240,000
Variance %
-10.00%
How the math works
Annualized actual = collected × 12 ÷ months elapsed. Variance against underwriting flags early-cycle trends.
Report variance against pro forma monthly. Small variances (±2%) are noise; persistent single-digit negatives are leading indicators of stabilization miss. Flag to lender and equity early.
How to Use
- Enter underwritten annual rent.
- Enter actual collected rent.
- Enter months elapsed.
- Read annualized variance.
Frequently Asked Questions
Sources of variance?
Delayed lease-up, below-projection market rents, concessions burned through, credit losses, unplanned vacancy, expense creep eroding NOI. Each is worth tracking separately.
Red flag threshold?
Over 5% below pro forma through first year = underwriting miss. Over 10% = material gap requiring re-forecast, reduced distributions, or capital call discussion.
Lender reporting?
Most loans require monthly or quarterly operating statements. Proactive variance reporting with explanation and remediation plan keeps lender confidence; surprise reports draw covenant scrutiny.
What documentation matters here?
Written leases, move-in/move-out inspections with photographs, ledger entries showing every payment and charge, served notices with proof of service, and contemporaneous emails or texts. Courts weigh written evidence heavily; informal understandings rarely stand. Institutional operators run a monthly file audit to catch gaps before they matter. Good paper trails recover most of what's owed.
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