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 September 2023.
Key Takeaways on Rental Performance for September 2023
As noted in Chandan’s report, here are the key takeaways on the rental performance for September 2023:
- The on-time payment rate in independently operated rentals fell slightly in September 2023, declining to 82.6%
- Compared to a year earlier, the on-time payment rate is up by 241 bps.
- The September 2023 forecast full payment rate is 92.7% — the second-highest post-pandemic observation.
- Western states continue to hold the highest on-time payment rates in the country, led by Colorado (92.6%), Utah (91.5%), Arizona (88.3%), North Dakota (88.1%), Washington (87.7%), and California (87.1%).
- Small multifamily (5-49 units) rental properties held the highest on-time payment rates of all sub-property types in September, coming in at 83.2%.