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Independent Landlord Rental Performance Report: June 2023

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Key Takeaways

  • The on-time payment rate in independently operated rental units declined for the third consecutive month in June, falling to 82.5%.

  • Compared to a year earlier, the on-time payment rate remains up by 118 bps.

  • The June 2023 forecast full payment rate is 91.6% — just 44 bps below its post-covid peak.

  • Oregon holds the highest on-time payment rate of any state in the country, coming in at 89.7% in June.

  • 2–4-unit rental properties held the highest on-time payment rates of all sub-property types in June, coming in at 83.2%.


National Overview

On-time rental payments in units operated by independent landlords dipped slightly in June 2023, marking the third consecutive month of declining performance. As of this month’s preliminary estimate, 82.5% of tenants in independently operating rental units have completed their monthly payments on time. The on-time payment rate is down by a marginal 18 bps from a month prior. However, compared to the high watermark set in March 2023 (84.2%), June’s on-time payment rate sits 170 bps lower.

Still, despite on-time payment rates moving lower, current performance levels constitute healthy performance. June marks just the seventh time since the pandemic that monthly on-time payment rates have eclipsed 82%. Moreover, compared to one year ago, the on-time payment rate is still up by 118 bps. Further, the forecast full-payment rate, which considers on-time payments, late payments, and expected late payments based on historical trends, came in at 92.1% in June — just 44 bps below its all-time high (April 2023).

Overall, these data underscore how the rental housing sector has fended off widespread distress. Elsewhere throughout the sector, headwinds have mounted. According to MSCI Real Capital Analytics, through May 2023, apartment prices are down 13.8% from their 2022 peak. Additionally, borrowing terms remain stringent as banking sector volatility and high interest rates impact the attainability and feasibility of debt financing. Nevertheless, the continued performance of rental units amid a still resilient labor market is allowing independent operating landlords to withstand the economic malaise. As units maintain their monthly rental payments, the cash flow ecosystem between tenants, operators, and lenders stays intact. As Winston Churchill famously said, “If you are going through hell, keep going.” So long as rent collection rates hold up, independent landlords have a viable game plan to “keep going.”

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 61,649 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 is a property management software that saves landlords time & money by empowering them with tech to manage their rentals—all from the palm of their hand.

For landlords, RentRedi provides all-in-one web and mobile apps to collect rent, list & market vacancies, find & screen tenants, sign leases, and manage maintenance & accounting. RentRedi has partnered with platforms including Plaid, REI Hub, Latchel, TransUnion, TSYS, Sure Insurance, and, and Doorsteps to create the best experience possible.

For tenants, RentRedi’s easy-to-use mobile app allows them to pay rent, set up auto-pay, report rent payments to credit bureaus, prequalify & sign leases, and submit maintenance requests


Data are reported on a forward basis from March 2020 through June 2023 (current reporting period). As of the latest month of data availability, the reduced unit sample size totals 61,649. 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 May 16th would be treated as a charge corresponding to June's owed rental payment.)

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.

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