On-time payment rates in independently owned rental units in the Sun Belt outperformed the rest of the country in February for the first time since October of last year, according to new data from Chandan Economics and RentRedi.
About 80.1% of renters paid on time in Sun Belt markets in February, a decrease of 63 basis points over January and an increase of 458 basis points year over year. Conversely, 79.5% of renters paid on time in non-Sun Belt markets, a decrease of 144 basis points over January numbers and a 368 basis point increase year over year.
On time payment rates were higher in non-Sun Belt markets between August 2021 and January 2022, with the differential maxing out in November, when on time payments were 219 basis points higher in non-Sun Belt cities. The gap has narrowed since, however.
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