Rental Housing Weekly Briefing: January 26-30, 2026

This week’s Rental Housing Weekly Briefing examines apartment property price trends using MSCI Real Capital Analytics’ CPPI, recent rent collection performance among independent landlords, and the key data releases to watch in the week ahead.

LAST WEEK in RENTAL HOUSING

Apartment Prices via MSCI Real Capital Analytics CPPI

Apartment property prices remained under modest pressure at year-end. The national apartment CPPI declined on a year-over-year basis in December 2025, extending a period of price softening that began as higher interest rates and weaker transaction volumes reset buyer expectations.
Short-term momentum showed signs of stabilization. Month-over-month price changes were relatively flat, suggesting that much of the rate-driven price correction may already be reflected in valuations, even as deal flow remains constrained.
The current cycle continues to look more like a valuation adjustment than a demand shock. Pricing has softened from peak levels, but declines remain contained relative to prior downturns, reflecting resilient property-level cash flows and limited forced selling.
For rental housing, the implication is a slower repricing environment rather than renewed distress. Cap rates have adjusted upward, but stable operating fundamentals are helping anchor values as capital markets gradually recalibrate.

Apartment Rent Collections via Chandan Economics & RentRedi

• On-time rental payments in independently operated (“mom-and-pop”) units edged higher again in January 2026, rising to 83.3% and extending the gradual improvement observed since late 2025. While gains remain modest, the continued upward drift suggests the sector is stabilizing after the mid-2025 deterioration.

• Despite recent improvement, on-time payment rates remain materially below year-ago levels, down 224 basis points from January 2025. That said, the pace of annual decline has slowed meaningfully, pointing to stabilization rather than renewed stress.

• Late payments remain the primary source of underperformance. Late-payment rates stayed above 10% throughout 2025, but recent data indicate easing pressure entering early 2026, helping to support cash-flow normalization for small landlords.

• Importantly, full-payment rates have remained resilient, averaging roughly 96.0% in 2025. This suggests many late payments are ultimately cured, limiting income loss even as timing delays continue to weigh on on-time performance.