1. The on-time payment rate in independently operated rental units declined by 232 bps between March and April, falling to 79.4%.

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2. Gateway markets have maintained higher on-time payment rates than units located elsewhere for four-consecutive months through April 2022.

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3. Sun Belt rentals continue to post lower on-time payment rates than the rest of the

country.

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4. 2-4 Family rentals maintain the highest on-time payment rate of all sub-property types in April, coming in at 81.4%.

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5. Small Multifamily rentals (5-49 units) had the lowest on-time payment rate for all of the sub-property types in April, coming in at 79.2%.