SEPTEMBER 2022 KEY TAKEAWAYS

1. The on-time payment rate in independently operated rental units improved by 55 bps between August and September, rising to 81.1%.

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2. September’s full payment rate is forecast to land at 91.2%, improving 182 bps year-over-year.

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3. Gateway markets maintained higher on-time payment rates than units located elsewhere for the ninth consecutive month, though the performance gap has narrowed.

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4. Sun Belt rentals underperformed the rest of the US for their sixth consecutive month.

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5. 2-4 Family rentals maintain the highest on-time payment rate of all sub-property types in September, coming in at 83.2%.

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6. Single-Family Rentals hold the lowest on-time payment rates (81.5%.) for September, despite seeing the largest one-month improvement (+88 bps).