MISMO Releases Expanded Rent Roll Dataset, Use Cases for Member Comment
MISMO released an enhanced version of its multifamily and commercial rent roll dataset for member comment; comments are due Monday, July 15.
The enhanced dataset supports more robust uses for sharing multifamily and commercial property data between different parties. The revised dataset include a new logical data dictionary model and expanded definitions to support new use cases.
The commercial rent roll dataset provides a consistent set of data points, definitions and use cases to use when financing and managing multifamily and commercial property assets. Originally released in 2017, MISMO’s rent roll standards support many types of income-producing properties, including multifamily residential, retail, office and some hotel properties. While commercial rent roll data is required on all commercial loan originations, there was no common method of defining and exchanging rent roll data before MISMO’s involvement.
The newly revised dataset and use cases provide a consistent set of data points and definitions for a wider number of circumstances than ever, which will greatly reduce errors, time and extra costs when financing commercial transactions.
The original rent roll standard included data points regarding units and subunits, fees charged to tenants in addition to rent, subsidy rents, tenant sales, step ups and senior housing charges. The revised dataset, which was based off recent industry feedback, includes new data points for rent concessions, differences between lease and rent commencement dates, market value per square foot, tenant improvement descriptions and the cost per-square-foot of tenant improvements.
The 30-day comment period will remain open from until July 15. After all comments are received, reviewed and addressed, the revised dataset and related use cases are expected to be elevated from draft to published status.
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