Full Payment Rate in Independently Operating Rentals Rises to a 13-Month High

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October’s full payment rate forecast — which includes on-time payments, late payments, and expected late payments based on historical trends — jumped to a 13-month high of 96.0%.

Altogether, the October data brought fewer tricks and more treats. October’s forecast full payment rate jolted higher by 115 bps, which was the most sizeable single period increase in seven months.

These data point to a hopeful stabilization for rental collection trends within the mom-and-pop slice of the apartment sector. After hitting a peak full collection rate of 97.2% in March 2022, collection rates slid in 12 of the following 17 months, dropping to a low watermark of 94.6% this past August. In total, the full payment rate fell by a significant 265 bps in that time. However, October marks the first time that the full payment rate has risen in consecutive months since March 2023, signaling a turnaround may be underway.

For more data and analysis, see the October 2024 Chandan Economics-RentRedi Independent Landlord Rental Performance Report here.