COMMERCIAL REAL ESTATE'S ECONOMIC ADVISORS

On-time rental payments in independently operated units dropped meaningfully in June 2025 — offering a stark warning about the financial health of renter households in a high-uncertainty economic environment.

On-time rental payments in units operated by independent landlords continued their recent trend line of improvement in April.

This is the second consecutive year that WFH rentals have dipped, following the peak of 5.0 million households in 2021.

Utah (11.6%), Alaska (10.2%), and Iowa (10.1%) maintain the highest proportion of U35 homeowners as a share of all households in the nation.