Rent collection performance among independently operated rental properties improved in September 2026, offering signs of stabilization after weaker payment trends earlier in the year.
According to Chandan Economics data, 83.2% of independently operated rental units paid rent in full and on time in September, up from 82.8% in August and 82.6% in July. The September rate was also 91 basis points higher than a year earlier, representing the strongest annual improvement since May 2023.
The forecast full-payment rate rose to 96.2%, compared with 95.6% in August. However, late payments remained elevated, highlighting continued pressure on renter finances. The latest observed late-payment rate was 12.6% in July, while rates above 10% have become more common since 2025.
Multifamily properties also contributed to the recovery. On-time payments in the sector increased to 82.8% in September, a roughly 70-basis-point improvement from August and the strongest monthly gain among the major rental categories. Single-family rentals reached 83.1%, while two- to four-family properties recorded an 83.4% on-time payment rate.
Regional performance remained uneven, with several Western and Mountain states reporting stronger collection rates than parts of the South and Midwest.
For independent landlords and multifamily operators, the improving collection figures point to greater payment stability, but elevated late-payment rates continue to present potential cash-flow challenges. Chandan Economics also noted that weaker real wage growth, low personal savings, inflation, and higher interest rates could continue to affect renters' financial flexibility.
Source: CRE Daily
