The latest Independent Landlord Rental Performance Report from Chandan Economics shows some encouraging news for small and mid-size residential investors: on-time rent payments improved again in April. Nationally, 86.3% of tenants in independently operated rentals paid on time, up 45 basis points from March and slightly ahead of last year for the first time since mid-2023 . Seasonality—thanks in part to tax refunds—always gives March and April a boost, but this year’s gains feel a little more grounded, especially after nearly two years of steady slippage. The report also noted that while the full-payment forecast (which factors in late and expected late payments) dipped a hair to 95.5%, it’s still holding near a six-month high . For investors looking closely at portfolio health, that’s a good sign the tenant rent burden may be stabilizing, at least for now.
Take a look at the interactive chart below showing on-time payment rates by property type. It breaks out single-family rentals, small 2–4 unit properties, and larger multifamily buildings separately—and you’ll see small properties are leading the pack. In April, 2–4 unit rentals had the highest on-time payment rate at 87.0%, slightly edging out single-family homes (86.5%) and larger multifamily buildings (86.2%) . If you’re investing in smaller properties, this trend reinforces why that segment often delivers more reliable cash flow, especially in markets with steady local economies. While regional performance still varies—Western states like Utah and Idaho are killing it with rates over 92%—the overall movement this spring is one most small landlords should welcome.