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 2022.
Key Takeaways on Rental Performance
As noted in Chandan’s report, here are the key takeaways:
- The on-time payment rate in independently operated rental units improved by 55 bps between August and September, rising to 81.1%.
- September’s full payment rate is forecast to land at 91.2%, improving 182 bps year-over-year.
- Gateway markets maintained higher on-time payment rates than units located elsewhere for the ninth consecutive month, though the performance gap has narrowed.
- Sun Belt rentals underperformed the rest of the US for their sixth consecutive month.
- 2-4 Family rentals maintain the highest on-time payment rate of all sub-property types in September, coming in at 83.2%.
- Single-Family Rentals hold the lowest on-time payment rates (81.5%.) for September, despite seeing the largest one-month improvement (+88 bps)