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 February 2023.
Key Takeaways on Rental Performance for February 2023
As noted in Chandan’s report, here are the key takeaways:
- The on-time payment rate in independently operated rental units improved by 197 bps between January and February, coming in at 83.4% and reaching a new post-pandemic high.
- National on-time payment rates have now held above 81% in five consecutive months— a first in the life of the Chandan Economics-RentRedi tracking.
- February’s full payment rate is forecast to land at 92.7% —also a new high.
- Colorado holds the highest on-time payment rate of any state in the country, coming in at 91.4% in February.
- On-time payment rates picked up across all price points in February, with low-priced rentals seeing the most month-over-month improvement.
- 2–4-unit rental properties held the highest on-time payment rates of all sub-property types in February, coming in at 84.2%.