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COMMERCIAL REAL ESTATE'S ECONOMIC ADVISORS
Independent Landlord Rental
Performance Report
Tracking rent payments to independently operated rental properties.
December 2025 Takeaways
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In December 2025, on-time rental payments in independently operated units rose by 73 basis points (bps) to 83.7%.
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Measured year-over-year, on-time payment rates remain materially lower than a year ago, marking the 29th consecutive month of annual declines.
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Despite weaker on-time performance, full-payment rates have remained resilient in 2025, averaging 96.0% for the year — outperforming the 2024 average.
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Late payments — the primary driver of underperformance in the mom-and-pop sector — remained above 10% throughout 2025, though recent data point to easing at the margin.
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Western states continue to post the strongest on-time payment rates nationally, led by South Dakota, Utah, and Alaska, while New Hampshire remains a top-performing East Coast standout.
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2–4-family rental properties once again led all property types in December, posting the highest on-time payment rate at 84.2%.
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.
