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COMMERCIAL REAL ESTATE'S ECONOMIC ADVISORS
Independent Landlord Rental
Performance Report
Tracking rent payments to independently operated rental properties.
March 2026 Takeaways
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In March 2026, on-time rental payments rose to 83.9%, marking the fifth increase in the past six months and extending the recovery from the September 2025 low.
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Year-over-year, on-time payment rates remain lower than a year ago, though the pace of annual declines has continued to narrow.
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Full-payment rates strengthened to 96.1%, the highest level since mid-2025, reflecting continued resolution of late payments.
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Late-payment pressure has eased since late 2025 and is expected to continue moderating into early 2026, though levels remain elevated relative to historical norms.
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Western and Mountain states continue to lead national performance, with several markets posting on-time payment rates in the low- to mid-90% range.
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.
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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.
