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Independent Landlord Rental Performance Report: October 2023

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Key Takeaways

  • The on-time payment rate in independently operated rental units improved marginally in October 2023, rising to 82.6%.

  • Compared to a year earlier, the on-time payment rate remains up by 102 bps.

  • The October 2023 forecast full payment rate is 92.8% — matching the post-pandemic high watermark.

  • Western states continue to hold the highest on-time payment rates in the country, led by Utah (93.8%), Idaho (91.7%), Colorado (90.6%), Washington (89.9%), Oregon (89.5%), Arizona (89.1%), and North Dakota (88.7%).

  • Small multifamily (5-49 units) rental properties held the highest on-time payment rates of all sub-property types in October, coming in at 83.2%.


National Overview

On-time rental payments in units operated by independent landlords remained robust in October 2023. As of this month’s preliminary estimate, 82.6% of tenants in independently operating rental units have completed their monthly payments on time. The on-time payment rate is up by 21 bps from the month prior and 102 bps from the same time last year. Encouragingly, on-time payment rates have now held above 82% in eight of this year’s ten months — a threshold only surpassed once in all of 2022.

October’s forecast full-payment rate, which takes on-time payments, late payments, and expected late payments based on historical trends, came in at 92.8% — remaining unchanged from the month prior and matching the sector’s post-pandemic high watermark. Compared to a year earlier, the full-payment rate is up by 92 bps, underscoring the apartment sector’s continued gradual improvement.

Overall, these data reflect that rental households are maintaining the ability to pay their rent in a timely fashion. Improvements in rental payment performance are partially attributable to the US labor market maintaining its strength in 2023 better than most economists anticipated would be possible. Additionally, in the challenging interest rate environment where mortgage rates are pushing above 8%, many would-be homebuyers are re-engaging with the rental market. On balance, more renters with strong household balance sheets are remaining in apartments this year, which strengthens the average financial profile of renters on the whole.

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 71,685 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 October 2023 (current reporting period). As of the latest month of data availability, the reduced unit sample size totals 71,685. 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.)

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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