Rental Property Spreadsheet

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It’s long been known that owning income-generating real estate can positively affect your net worth. By some estimates, 90% of the millionaire created in the past two hundred years started in real estate.

One crucial, though not very glamorous, aspect of being a professional landlord is sound record keeping. Maintaining detailed and accurate records of your properties’ income and expenses is vital in property management.

Your record keeping doesn’t need to be complex or require expensive accounting software. But it does need to be complete, accurate and simple to maintain.

Our free, downloadable Rental Property Income and Expenses templates allow you to record the income and expenses of your investment real estate. While simple and easy to use, they provide both detailed income and expense worksheets, as well as a consolidated summary worksheet to give you a bird’s-eye view of your investments.

What Properties Does this Template Work With?

This rental property excel spreadsheet is perfect for the smaller property investor or landlord with a handful of rental income properties.

These may be family homes, villas, holiday-lets, single rooms in Homes of Multiple Occupancy (HMOs) and even student accommodation.

This template is not suited for commercial or industrial real estate which require more rigorous property management and more complex rental property record keeping.

What Financial Reports does this Template Provide?

This template allows you to enter a list of income and expenses for your rental properties.

This is not the same as a balance sheet or cash flow statement. If you’re in need or a balance sheet template then this one may suit you. Alternatively, we have a collection of cash flow templates here.

However, if you want a simple way to track real estate rental income with a list of expenses for which you can claim a tax deduction, then this template is for you.

Remember though, that you can’t claim all cash outflows as a tax deduction.

While your mortgage payments represent a cash flow, you can normally only claim the interest portion. Check with your accountant or tax attorney to confirm what you are entitled to claim.

Choosing Your Rental Property Income Template

The template comes in two flavors to record your rental property income and expenses. Here is a short overview of each spreadsheet.

Rental Property Excel Spreadsheet Free Model 1

The first excel file provides one worksheet for each month so you can enter income and expenses by the month. There’s also a Summary worksheet which provides the annual income, expenses and net profit on a single page you can print.

Rental Property Excel Spreadsheet Free Model 2

The second is a more compact excel format with just 3 worksheets.

There’s one worksheet for your properties’ income or cash flows, a second for expenses and deductions, and a third which provides an annual summary.

How to Set up Your Template

These documents can be customized to reflect your property management business.

You can change the names of the income producing properties you want to track, as well as customize the expense categories for each property.

Company Name and Financial Year

Let’s start with the monthly template.

The first thing you’ll want to update is your rental property company or business name and the fiscal year you want to keep records for.

To do this, select the Summary worksheet, then:

  1. In cell D2 enter you company or business name, and
  2. In cell D3 enter the financial year like the example below.

Rental Property Income Expenses Company Name

Adding Your Properties

When you first view the template, the list of properties shown on the Summary worksheet are named “Villa 1” through “Villa 5.”

You can customize these to reflect your own properties.

This example has called property one “High Street 3/2” for a 3-bedroom, 2-bathroom home on High Street.

Rental Property Income Expenses Adding Properties

Enter a brief but meaningful description for each income producing property.

The name you enter for each income producing property will show in the Category column in the income list for each month:

Rental Property Income Expenses Category

This makes data entry faster and ensures the totals in the Summary worksheet accurately reflect the values you’ve entered for each month.

Secondly, under Budget, you can enter the total you expect to rent each property for this year. This will help you compare your budgeted income against the actual.

If you don’t have a rental income history, or aren’t sure, you can leave this blank for now.

Note that there is no allowance for a security deposit or bond. While a security deposit does represent cash flow that your tenant pays, it doesn’t represent income for you as the landlord.

Setting Up Your Expenses

Just as crucial as rental income to your property management record keeping are expenses.

These templates allow you define expense categories for the real estate you manage.

As with Income, enter a brief but meaningful name for each of your expense categories in Column C.

Rental Property Income Expenses Column

You may also want to list any non-cash expenses such as depreciation on the building or furniture & fittings.

While depreciation doesn’t impact your monthly cash flow, it allows you list each expense which can be used as a tax deduction. This may help calculate your profit or in preparation of your tax return.

Budgeting Your Property Expenses

As with property income, you can also enter budgeted – or estimated – expense amounts.

Some expenses are simple to predict.

For example, insurance and council tax (rates). A quick call to your insurer or local council will provide accurate estimates.

Other expenses are more difficult to budget accurately.

For example, how much should you budget for rental property maintenance?

This will depend on many factors including the age and condition of your real estate.

The type of property also makes a difference. Family homes on a plot of land generally incur more maintenance – including the yard and landscaping – than apartments do.

Using The Monthly Template

Rental Property Excel Spreadsheet Free Model 1

Now that you’ve customized your rental property income and expense categories, entering your monthly income and expenses is very simple.

Let’s start with entering your rental income.

Entering Property Income

In the example below, let’s assume you’re entering some property rental income for January.

The first item is two separate rentals for your ‘Beachfront Villa.’

Rental Property Income Expenses Example

You would simply enter the date of the transaction. Then for the Category, select the category cell. From the down arrow which appears, click the arrow to display the list of properties and select the appropriate property from the list.

Rental Property Income Expenses Category List

Enter a brief description of the rental and the start and end dates of the tenancy.

The duration of the tenancy is calculated for you, shown under No. of Days.

Then enter the Daily Rate the property is rented out for. The Total Amount of rent paid is calculated for you.

Finally, enter an Invoice ID and Customer name for your record keeping.

Daily vs Monthly Rental Income

Notice that this example is for less than one-month tenancy. Not all tenants pay monthly rent!

As this is a holiday rental, tenants typically rent it by the day or week.

However, the template calculates the Total Amount multiplying the Daily Rate by the Number of Days the property rented.

The second item in this example with High Street 3/2 is for a standard monthly rental.

To enter a property rented by the month you have several choices:

You can enter the start and end dates as normal to display the Number of Days. For Daily Rate, enter the monthly rent divided by the number of days.

An alternative is to enter the same date for the start and end date, perhaps the last day of the month. The Number of Days will be 1. Then enter the full monthly rental amount under Daily Rate. The Total Amount will show the correct monthly rent under Total Amount.

Monthly Income Subtotal

The third item in the example above is the Total Income for the month shown in cell J4 above the Total Amount heading.

This subtotal will reconcile with the Total Income for January in the Summary worksheet.

Rental Property Income Expenses Monthly Subtotal

Entering Property Expenses

As with the Income example, let’s assume you’re entering expenses for January.

Rental Property Income Expenses Example 2

First you would enter the date you paid the expense. Next select Category cell in Column P and click the down-arrow to see a list of expense categories.

Select the expense category and enter a brief description with the amount paid, receipt number and supplier or payee.

Monthly Expense Subtotal

The second item in the Expenses example above is the Total Expenses for the month shown in cell R4 above the Amount heading.

As with the income subtotal, this expense subtotal will reconcile with the Total Expenses for January in row 37 of the Summary worksheet.

Annual Rental Property Income and Expenses Summary

As you enter income and expenses for each month, the Summary worksheet will update to show your monthly cash flow.

Let’s take a look at the example below.

Rental Property Income Expenses Annual Summary

First, you can see your monthly Total Income in row 14. This represents your monthly rental income for all your real estate investments.

Second, in row 37, you can see your Total Expenses. Depending on whether you included non-cash expenses (like depreciation), this represents your monthly cash outflows.

Third, in row 39, you can see the Net Income generated each month.

Finally, in Column E, you can see the accumulated Total Income, Expenses and Net profit for the year.

Rental Property Excel Spreadsheet Free Model 2

Let’s have a look at the second excel file, more compact version with 3 worksheets.

Entering Property Income

In contrast to the monthly template, this template has a single worksheet called Income.

Rental Property Income Expenses Model 2 Income

Simply enter the rental income for each property.

The income Category works the same way as the monthly template.

Ensure you enter the Payment Date you received the rental income from the tenant in Column L. The Summary worksheet uses this date to group income by month.

Entering Property Expenses

This template also has a single worksheet called Expenses to itemize each expense related to managing your real estate.

Rental Property Income Expenses Model 2 Expenses

The expense Category works the same way as the monthly template.

Enter the expense Amount in Column F and the Payment in Column I. The Summary worksheet uses this date to group expenses by month.

Property Income and Expenses Summary

The Summary worksheet is almost identical to the monthly template.

You’ll find your monthly Total Income grouped by month across row 14.

In row 37, you’ll find your monthly Total Expenses.

Finally, in row 39, you can see the Net Income generated for each month.

Which Model Should You Choose

Everyone has a different way of tracking money and payments, and each method has different requirements.

As a landlord, both templates provide a simple and easy way to record the income and expenses of your property management business.

Both provide a printable, consolidated annual view via the Summary worksheet.

The primary difference comes down to your preference in seeing income and expenses together in monthly views or two separate views for your income and expenses, respectively.

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