Rent Roll Analysis

A rent roll from a resort-market building rarely looks like one from a standard commercial asset, and reading a short-term-rental income statement with the same assumptions used for a long-term lease produces a distorted comparison. This review exists to normalize that gap before the number gets used to score a replacement candidate. Getting the normalization wrong at this stage tends to show up later as a financing surprise.

The review starts with the raw document: unit or suite list, current rent, lease start and end dates, security deposit status, and any concessions granted. For a nightly-rental property, this expands to include booking platform revenue reports, occupancy by season, and average daily rate trends over at least a full year to capture the winter-to-summer swing typical of a Park City-area property.

Where a property mixes long-term leases with nightly units, as some Park City mixed-use buildings do, each income stream is reviewed on its own terms before being combined into a single figure, since blending them too early tends to hide which portion of the income is actually stable.

Comparing a ski-season-heavy revenue stream against a stable twelve-month lease requires separating the two data sets before combining them into a single underwriting picture. The comparison package covers:

• peak-season versus off-season revenue split
• occupancy rate by month over the trailing period
• management fee and platform commission deductions
• reserve requirements for furnishings and turnover costs

This split is delivered as a simple table rather than buried in narrative, since the lender reviewing the file needs to see the seasonal swing at a glance.

How is a short-term rental income statement different from a standard rent roll?

A nightly-rental property reports revenue through booking platforms with seasonal swings rather than fixed monthly lease payments, so occupancy and average daily rate over a full year matter more than a single month's figure. That data set is reviewed separately before being folded into the underwriting comparison.

Can a partial-year trailing figure be used to evaluate a candidate?

It can be used, but it should be annualized against a full seasonal cycle first, since a partial year captured mid-season can flatter or understate a resort property's true income. Normalizing for seasonality is part of the standard review, not an optional extra step.

What counts as a concession in this analysis?

Free rent months on a standard lease and discounted platform rates during a shoulder season both count as concessions, and both are pulled out of the headline revenue figure so the underlying, sustainable income is what gets compared across candidates.

How quickly is a rent roll analysis turned around?

Findings are delivered as a short comparison memo rather than a full spreadsheet dump, sized to be reviewed quickly against the forty-five-day identification deadline. Speed of delivery matters as much as depth once the clock is running.

Does rollover risk apply to short-term rental properties?

The equivalent risk is booking-calendar exposure rather than lease rollover, meaning reliance on repeat guests or a single booking platform, and it gets flagged the same way a lease expiration would on a standard commercial candidate. A property overly dependent on one platform is noted as a specific risk factor rather than folded into the general income figure.