Rental Performance Report for May 2025

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 April 2025.

Key Takeaways on Rental Performance for May 2025

As noted in Chandan’s report, here are the key takeaways on the rental performance for May 2025:

1. In May 2025, the on-time payment rate in independently operated rental units fell by 15 basis points (bps), sliding to 85.5%.
2. On-time payment rates have fallen year-over-year for 22 consecutive months.
3. The forecast full-payment rate held steady at 94.6%, which is down 298 bps from the post-pandemic peak
4. Western states continue to hold the highest on-time payment rates in the country, led by Utah, Colorado, Washington, Idaho, and Montana. 
5. 2-4-family rental properties rentals held the highest on-time payment rates in May, coming in at 86.2%.

On-time rental payments in units operated by independent landlords declined in May 2025 — offering a potential warning sign about the financial health of renter households. As of this month’s first estimate, 85.5% of units paid their full rental bill on time — a drop of 15 basis points (bps) from the prior month.