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COMMERCIAL REAL ESTATE'S ECONOMIC ADVISORS
Independent Landlord Rental
Performance Report
Tracking rent payments to independently operated rental properties.
April 2026 Takeaways
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On-time payments increased to 84.5%, now 223 basis points above the September 2025 low, marking the sixth increase in the past seven months
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Year-over-year, collections remain 119 basis points below April 2025 levels, extending the streak of annual declines to 33 consecutive months, though the pace of deterioration continues to ease
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Forecast full-payment rates strengthened to 97.2%, the highest level since May 2025, reflecting continued improvement in overall payment resolution
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Late-payment pressure remains elevated, stabilizing at relatively high levels after peaking in early 2026, with spring forecasts suggesting modest, partially seasonal improvement
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Western and Mountain states continue to lead national performance, with multiple markets posting on-time payment rates above 90%
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.
Data Provided by:
Please cite these results as the Chandan Economics-RentRedi Independent Landlord Rental Performance Report.
