Wondering how on-time rent payments are faring across the nation? Take a look at Chandan Economics & RentRedi’s Independent Landlord Rental Performance Report for October 2022.
Key Takeaways on Rental Performance for October 2022
As noted in Chandan’s report, here are the key takeaways:
- The on-time payment rate in independently operated rental units improved between September and October, rising to 81.9%, reaching a 2022 high.
- October’s full payment rate is forecast to land at 92.5%
- On-time payment rates in Florida have declined slightly in the aftermath of Hurricane Ian, though they continue to outperform the national average.
- Gateway markets maintained higher on-time payment rates than units located elsewhere for the tenth consecutive month, though the performance gap has narrowed close to parity.
- Small Multifamily rental properties (5-49 units) hold the highest on-time payment rate of all sub-property types in October, coming in at 83.2%.