Independent Landlord Rental
Performance Report

Tracking rent payments to independently operated rental properties.

September 2024
Key Takeaways

In September 2024, the on-time payment rate in independently operated rental units fell for a fourth consecutive month, sliding to 84.9%.
Compared to the post-pandemic peak, the national on-time payment rate is down by 334 bps.
The eight states with the highest on-time payment rates are all located in the West, led by Utah, Idaho, Colorado, and Nevada.
Single-family and 2-4-family rental properties held the highest on-time payment rates of all sub-property types in September, coming in at 85.1%.

About the Report

The Independent Landlord Rental Performance report is a real-time look at how well non-institutional operators are collecting owed monthly rental payments. Utilizing data provided by property management software RentRedi, these findings have a reduced sample size of 49,745 units, which are analyzed and reported by Chandan Economics. Where sample size quality meets sufficient reporting standards, data are offered from March 2020 forward, and new trends and analyses are reported monthly. Performance trends are discussed nationally, as well as along the lines of residential property type and geography.

Notably, these data track a segment of landlords that are underrepresented in leading market samples. For example, while the National Multifamily Housing Council’s (NMHC) Rent Tracker holds an unmatched sample size (11+ million), it represents exclusively the professionally managed segment of the rental housing sector. Data contained within this report offer a contrasting set of statistics that may allow investors, brokers, academic researchers, and policymakers a benchmark to compare the performance and health of independent landlords against institutional operators tracked by NMHC.