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 May 2023.
Key Takeaways on Rental Performance for May 2023
As noted in Chandan’s report, here are the key takeaways:
- The on-time payment rate in independently operated rental units declined again in May, falling to 82.1%.
- The May 2023 forecast full payment rate is 91.6% — its lowest mark since September 2022.
- Washington continues to hold the highest on-time payment rate of any state in the country, coming in at 90.1% in May.
- On-time payment rates dropped across all price points in May except for the highest-priced units, representing a potential performance divergence.
- 2–4-unit rental properties held the highest on-time payment rates of all sub-property types in May, coming in at 83.4%