Independent Landlord Rental Performance Report: April 2025

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Key Takeaways

• In April 2025, the on-time payment rate in independently operated rental units jumped by 45 basis points (bps), rising to 86.3%.

• On-time payment rates are higher than they were one year ago for the first time since July 2023.

• The forecast full-payment rate slid slightly, though it remained elevated at 95.5%.

• Western states continue to hold the highest on-time payment rates in the country, led by Utah, Idaho, Alaska, Wyoming, and New Mexico.

• 2-4-family rental properties rentals held the highest on-time payment rates in April, coming in at 87.0%.

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National Overview

On-time rental payments in units operated by independent landlords continued their recent trend of improvement in April. As of this month’s first estimate, 86.3% of units have successfully paid their full rental bill on time — a 45-basis-point (bps) increase from the prior month, following a 52-bp improvement in March.

Notably, seasonal factors do appear to be at play. On-time payment rates have improved every March and April in the RentRedi–Chandan sample. According to a RentRedi analysis, this seasonal bump is attributable to the timing of tax refunds and their impact on renters’ household finances.

Nevertheless, beyond seasonal patterns, there are additional signs of firming rent collections. Compared to a year earlier, on-time payments are up slightly — by eight (8) bps. April’s year-over-year improvement breaks a twenty-month streak of annual collection rate declines.

Note: As of May 2024, monthly data estimates are reported as a three-month moving average.

April 2025’s forecast full-payment rate, which includes on-time payments, late payments, and expected late payments based on historical trends, slid slightly to 95.5% — dropping 26 bps from March. Despite the month-over-month decline, April’s full payment forecast is the second highest in the past six months. Further, the forecast full payment rate is within striking distance of last year’s tally at 95.8%.

Trends within key rental subsectors reveal a slight performance gradient. Of the three tracked property sub-types, properties with 2-4 rental units led the way in April 2025, with the subsector holding an on-time payment rate of 87.0%. Single-family rentals (SFR) followed next with an on-time payment rate of 86.5%. Holding up the rear are multifamily properties with an average on-time collection rate of 86.2%.

Measured at the State level, as has become a consistent trend, western-located properties continue to outperform the rest of the country. On-time payment rates stand highest in April 2025 in Utah (95.4%) — followed by Idaho (93.0%), Alaska (92.3%), Wyoming (92.2%) and New Mexico (92.2%). It is not until eighth on the list that a non-Western state (Virginia, 90.6%) appears.

Compared to one year earlier, Utah (+458 bps), D.C. (+455 bps), and Oklahoma (+220 bps) saw the most improvement. Meanwhile, collection rates have deteriorated most in North Dakota (-422 bps), Delaware (-357 bps), and Nebraska (-220 bps). Out of the 47 states (and districts) that met reporting standards, 18 saw improving on-time payment rates from a year earlier. 

Data Findings: By Property Type

Data Findings: By State

About This 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 108,089 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.

Data contained within this report offer investors, brokers, academic researchers, and policymakers a benchmark to track the performance and health of independent landlords.

About: Chandan Economics

Chandan Economics is an economic advisory and data science firm serving the commercial real estate industry. The firm's primary businesses include real estate data science (REDS), economic & market research, and litigation consulting.

About: RentRedi

RentRedi offers an award-winning, comprehensive property management platform that simplifies the renting process for landlords and renters by automating and streamlining processes. For landlords, RentRedi provides all-in-one web and mobile apps to collect rent, list and market vacancies, find and screen tenants, sign leases, and manage maintenance and accounting. For tenants, RentRedi’s easy-to-use mobile app allows them to pay rent, set up auto-pay, build credit by reporting rent payments to major credit agencies, prequalify and sign leases, and submit maintenance requests.Founded in 2016, RentRedi is VC-backed and a proven leader in the PropTech market. The company ranks No. 180 on the 2024 Inc. 5000 list, No. 12 on the Inc. 5000 Regionals list, and was named an Inc. Power Partner, a GetApp Category Leader, a Capterra Established Player, and a G2 High Performer and Momentum Leader based on the software’s user ratings and popularity. To date, RentRedi has more than $35 billion in assets under management with nearly 200,000 landlords and tenants using the platform. The company partners with technology leaders such as Zillow, TransUnion, Experian, Equifax, Realtor.com, Plaid, and Stripe to create the best customer experience possible. For more information visit RentRedi.com.

Methodology

Data are reported on a forward basis from March 2020 through April 2025 (current reporting period). As of the latest month of data availability, the reduced unit sample size totals 108,089. Rent charges are measured on a 15th-to-15th-of-the-month basis. Rent charges that are issued after the 15th of the current month are treated as a rent charge for the following rent-tracking period. (E.g., a rent charge sent on April 16th would be treated as a charge corresponding to May's owed rental payment.) Monthly estimates are represented as a three-month moving average.

Only charges designated as "rental income" are included for analysis. Rent charges below $500 and above $10,000 are excluded from this analysis.

Units that have not paid any form of rental income (full or partial) in the previous 60 days at the time a new rental charge is issued are removed from the sample tracking sample. Unpaid units refer to all units that have yet to fully satisfy their owed rents for a collection period. These unpaid units include units that have only partially paid their rent. As a means of reporting standardization, units with more than one monthly rent charge (E.g., rent paid weekly) are removed from the rent tracking sample.