As of the preliminary June estimate, 82.6% of SFR units have paid their rent on time this month, declining from May’s 83.0% by 38 bps. After topping out at 84.3% in March, the SFR on-time payment rate has now fallen for three consecutive months, sliding by 168 bps. However, cause for alarm remains low. Compared to one year ago, June 2023’s SFR on-time payment rate improved by 90 bps.
Considering the forecast full payment rate also indicates that SFR rent collections remain on stable ground. The forecast full payment rate, which includes on-time payments, late payments, and expected late payments based on historical patterns, topped out at 92.8% in April. Through June, the forecast full payment rate remains up at 92.3%. The SFR full payment rate eclipsed 92% for the first time post-pandemic in November 2022, where it has remained for nine straight months.
For more, see the June 2023 Chandan Economics-RentRedi Independent Landlord Rental Performance Report here: https://www.chandan.com/post/independent-landlord-rental-performance-report-june-2023.