The on-time payment rate for single-family rentals dropped to 85.3% in August 2024, marking its lowest point since September 2021, according to the chart below from Chandan Economics. This decline reflects a potential shift in tenants’ financial situations, as the rate had generally been stable over the past two years. Landlords, especially independent operators, may now face increased challenges maintaining cash flow as timely rental payments become less consistent.
The chart below highlights the historical fluctuations in rental payment punctuality, showing that single-family rental payments were on a recovery trend from earlier dips in 2020 and 2021. However, the latest figures suggest renewed pressures on tenants, possibly due to inflation or rising household costs. Landlords will need to keep a close watch on this trend as it could signal deeper issues in the rental market.
Rental Payment Tracker – On-time Payment Rate by Property Type
(click on chart for live, interactive chart with up to date data)
The latest Chandan Economics report reveals a worrying trend for landlords in Missouri, where only 83.1% of tenants made their rental payments on time in August 2024. This figure is slightly below the national average of 84.9%, indicating that Missouri is feeling the strain more acutely. The state’s on-time payment rate reflects a broader decline seen across the country, with national rates dropping 50 basis points from July and 332 basis points from their post-pandemic peak.
For a more granular look at these trends, explore the live, interactive chart that tracks on-time payment rates by property type. This tool is particularly valuable as it highlights how different rental segments, including multifamily properties and single-family rentals, are performing in the current market. Understanding these shifts is essential for landlords and investors navigating Missouri’s challenging rental landscape.
According to the latest Independent Landlord Rental Performance Report by Chandan Economics, April 2024 witnessed a decline in on-time rental payments in independently operated rental units nationwide, dropping to 85.2%. As illustrated by the chart below, this marks a decrease from 87.0% the prior month and 87.8% a year ago. Western states, notably Utah, Alaska, and Colorado, continue to lead the nation with the highest on-time payment rates. However, it’s worth noting that here in Missouri, only 82% of tenants paid their rent on time in April, resulting in Missouri ranking 43rd in the country for on-time rent payments.
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