Independent Landlord Rental
Performance Report

Tracking rent payments to independently operated rental properties.

May 2025
Key Takeaways

In May 2025, the on-time payment rate in independently operated rental units fell by 15 basis points (bps), sliding to 85.5%.
On-time payment rates have fallen year-over-year for 22 consecutive months.
The forecast full-payment rate held steady at 94.6%, which is down 298 bps from the post-pandemic peak
Western states continue to hold the highest on-time payment rates in the country, led by Utah, Colorado, Washington, Idaho, and Montana.
2-4-family rental properties rentals held the highest on-time payment rates in May, coming in at 86.2%.

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.

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.