Rental Performance Report for September 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 September 2025.

Key Takeaways on Rental Performance for September 2025

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

1. In September 2025, the on-time payment rate in independently operated rental units jumped by 58 basis points (bps), rising to 83.1%.
2. On-time payment rates have fallen year-over-year for 26 consecutive months.
3. Late-payment rates have risen in recent months, while full-payment rates have proven more resilient — signaling that tenants are prioritizing catching up on rent when they fall behind.
4. Western states continue to hold the highest on-time payment rates in the country, led by South Dakota, Hawaii, and Utah.
5. 2–4-unit rentals held the highest on-time payment rates in September, coming in at 83.7%.

On-time rental payments in independently operated units improved in September 2025 — offering hope that the sector is moving off its performance floor. According to this month’s first estimate, 83.1% of units paid their full rent on time — an increase of 58 basis points (bps) from August.