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Independent Landlord Rental Performance Report: May 2024

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Key Takeaways

  • The on-time payment rate in independently operated rental units held steady in May 2024, remaining at 86.0%.

  • Compared to a year earlier, the national on-time payment rate is down by 209 bps.

  • Western states, led by Utah, Nevada, and Colorado, continue to have the highest on-time payment rates in the country.

  • Multifamily rental properties held the highest on-time payment rates of all sub-property types in May, coming in at 87.4%.


National Overview

On-time rental payments in units operated by independent landlords held steady in May 2024. An estimated 86.0% of tenants in independently operating rental units completed their monthly payments on time. The on-time payment rate is down by a minuscule six (6) bps from the month prior.

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


Compared to the same time last year, the May 2024 on-time payment rate is down by a more significant 209 bps, reflecting a slight deterioration in collections. Following a period of exceptional apartment sector rent growth in 2021 and 2022, on-time payments began falling in the Spring of 2023 — falling from a high of 88.3% in April to a low of 85.7% in February 2024. However, since the February nadir, performance has stabilized, holding within ten (10) bps of 86.0% for the past three months.  


May’s forecast full-payment rate, which includes on-time payments, late payments, and expected late payments based on historical trends, came in at 95.2% — down six (6) bps from April and 177 bps from this time last year. While full collection rates are down by 201 bps from their post-COVID high (97.2%), they remain up 385 bps from the September 2020 low (91.3%)


Trends within key rental subsectors reveal a slight gradient of performance. Of the three tracked property sub-types, single-family rental (SFR) properties had the lowest on-time payment rate in May 2024, coming in at 86.2%. Properties with 2-4 rental units followed next with an on-time payment rate of 86.8%. Notably, 2–4-unit properties have seen collection rates improve in three consecutive months. Multifamily properties hold the highest on-time collection rate this month, rising to 87.4% — the property type’s high watermark for 2024 to date.   


Measured by State, western-located properties are outperforming the rest of the country. On-time payment rates stand highest in May 2024 in Utah (94.3%) — followed by Nevada (92.8%), Colorado (91.4%), Idaho (90.7%) and Arizona (90.2%)

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 85,323 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 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 May 2024 (current reporting period). As of the latest month of data availability, the reduced unit sample size totals 86,323. 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 August 16th would be treated as a charge corresponding to September'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.


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