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 2023.
Key Takeaways on Rental Performance for October 2023
As noted in Chandan’s report, here are the key takeaways on the rental performance for October 2023:
- The on-time payment rate in independently operated rental units improved marginally, rising to 82.6%.
- Compared to a year earlier, the on-time payment rate remains up by 102 bps.
- The forecast full payment rate is 92.8% — matching the post-pandemic high watermark.
- Western states continue to hold the highest on-time payment rates in the country, led by Utah (93.8%), Idaho (91.7%), Colorado (90.6%), Washington (89.9%), Oregon (89.5%), Arizona (89.1%), and North Dakota (88.7%).
- Small multifamily (5-49 units) rental properties held the highest on-time payment rates of all sub-property types coming in at 83.2%.