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1. The on-time payment rate in independently operated rental units declined again in May, falling to 82.1%.

2. The May 2023 forecast full payment rate is 91.6% — its lowest mark since September 2022.

3. Washington continues to hold the highest on-time payment rate of any state in the country, coming in at 90.1% in May.

4. On-time payment rates dropped across all price points in May except for the highest priced units, representing a potential performance divergence.

5. 2–4-unit rental properties held the highest on-time payment rates of all sub-property types in May, coming in at 83.4%.

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.

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Please cite these results as the Chandan Economics-RentRedi Independent Landlord Rental Performance Report.

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