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COMMERCIAL REAL ESTATE'S ECONOMIC ADVISORS
Independent Landlord Rental
Performance Report
Tracking rent payments to independently operated rental properties.
November 2025 Takeaways
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In November 2025, on-time rental payments in independently operated units rose by 65 basis points (bps) to 83.7%.
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Measured year-over-year, on-time payment rates have fallen for 28 consecutive months.
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Despite lower on-time payment rates, full payment rates have held up in 2025, averaging 96.1% this year — outperforming the 2024 average.
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Late payments — the primary driver of underperformance in the mom-and-pop sector — have remained above 10% for all of 2025.
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Western states continue to hold the highest on-time payment rates in the country, led by South Dakota, Utah, Alaska, Montana, and Wyoming.
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2–4-family rental properties led all property types in November with the highest on-time payment rate, coming in at 84.4%
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.
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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.
