Need a Rental Property Spreadsheet Template? Start Here

Do you own rental properties or manage a real estate portfolio?

Whether you're a seasoned landlord or just starting, tracking your rental income and expenses is essential for running a profitable operation.

Without the right tools, managing rental finances can quickly become time-consuming, overwhelming, and (did we mention) very costly.

In this article, you'll learn about rental property spreadsheet templates: their benefits, key features, and how they can simplify your property management process.

What is a rental property spreadsheet template?

This tool organizes all your rental income and expenses. For example, you can create a dedicated rental category, track cash flow, or maintain a real estate balance sheet.

With features like automated calculations, it simplifies tasks such as sorting homeowner association (HOA) fees, gardening services, and utilities.

Benefits of using a rental property template

Using an Excel template can help you take control of your finances and maximize your property's potential. For instance, you'll be able to easily manage multiple rental properties with a single, organized sheet.

You will also save time as your totals are updated automatically, whether you're tracking individual properties or your entire portfolio.

Finally, you'll gain insights into your cash flow to get the most out of your investment.

What to look for in a rental property template

A well-designed Excel template offers a range of features, like:

• Automated calculations for income, expenses, etc.

• Expense tracking like maintenance, HOA fees, and mortgage payments.

• Financial analysis of cash-on-cash returns and net operating income.

• Property comparison to evaluate potential opportunities.

Types of rental property spreadsheet templates

Here are some of the most useful Excel templates and how they can benefit your business.

Rental property income and expenses template

Helps you track all financial data – rent payments, maintenance costs, utility bills, you name it. This Excel template helps you:

• Ensure all tax deductions are claimed.

• Avoid double-booking deductions and minimize audit risks.

• Evaluate the financial performance of both current and prospective properties.

Rental property management template

Excel templates help you to evaluate prospective purchases, track tenant rent payments, and monitor the overall performance of your properties. Use them to streamline your property management process while you grow your portfolio.

Using rent roll and tenant management template

A comprehensive record of tenant information, including payment histories, lease expiration dates, and security deposits. Use this template to:

• Manage multiple units or properties.

• View tenant screening details.

Property management and maintenance template

This Excel template helps self-managing landlords maintain the value of their assets. It tracks daily operations (i.e. repair schedules, vendor payments, and routine inspections.)

Cash flow management and forecasting template

These templates summarize the money entering and exiting each property, helping you see how much is left to cover bills, mortgage payments, or capital expenditures (CapEx). They help you:

• Understand the financial health of your rental business.

• Plan your long-term investments.

CapEx report and budgeting spreadsheet template

Tracks costs related to property improvements that go beyond routine maintenance, such as HVAC upgrades, landscaping, or interior renovations. This template helps you:

• Budget for capital expenditures and manage depreciation, as outlined in IRS guidelines.

• Maintain or increase the value of your properties over time.

Real estate balance sheet and financial reporting template

A real estate balance sheet provides a snapshot of your property’s financial position. It includes details about assets (i.e., property value), liabilities (i.e., outstanding mortgage debt), and owner’s equity.

Financial templates help you create professional profit and loss statements, track investment performance, and maintain detailed records for tax and audit purposes.

Tips for choosing the best rental property template

Choosing the right Excel template is crucial for effectively managing your property. Start with a pre-designed template in software like MobiSheets or Excel, and customize it keeping in mind the following four tips:

1. Consider whether the template can accommodate multiple properties.

2. Look for a user-friendly layout.

3. Ensure it includes essential formulas and automation features.

4. Prioritize security.

Common rental property template mistakes

1. You decide to create your template instead of using a preexisting template, effectively breaking its formatting.

2. You're inconsistent with data entry which becomes a problem at your next audit.

3. You don't double-check all input information, leading to costly mistakes.

How to implement a rental property template

Once you’ve chosen the right template, set it up by:

• Entering your property addresses, lease agreements, and tenant information.

• Including rents, fees, and potential vacancies.

• Inputting consistent monthly rental property expenses.

In addition, set aside time to log new income or expenses, and review the spreadsheet monthly.

Closing thoughts

The right rental property spreadsheet template can immensely simplify your bookkeeping and help you make informed decisions to grow your investments.

From tracking income and rental property expenses to forecasting finances, these templates are essential tools for property owners, landlords, and real estate investors, and we're confident that they'll be of great help to you as well.

Ready to streamline your next property management project? Try MobiSheets today and take the hassle out of managing your rental finances.