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 March 2023.
Key Takeaways on Rental Performance for March 2023
As noted in Chandan’s report, here are the key takeaways:
- The on-time payment rate in independently operated rental units improved by 186 bps between February and March, coming in at 84.9% and reaching a new post-pandemic high.
- National on-time payment rates have now held above 81% in six consecutive months —
a first in the life of the Chandan Economics/RentRedi tracking.
- March’s full payment rate is forecast to land at 94.3% — also a new high.
- Washington holds the highest on-time payment rate of any state in the country, coming in at 92.8% in March.
- On-time payment rates picked up across all price points in March, with low-priced rentals seeing substantial month-over-month improvement.
- 2–4-unit rental properties held the highest on-time payment rates of all sub-property types in March, coming in at 85.6%.