SFR Rent Collections, Housing Affordability Monitor, Interest Rates
by David Howard
The National Rental Home Council (NRHC) serves as the trade association for the single-family rental (SFR) home industry. NRHC members include owner-operators, builders, vendors, and service providers of single-family rental homes across the country.
However, we are more than just a trade association — we are your frontline defense in the single-family rental (SFR) home industry. Our coalition of rental housing providers works tirelessly to ensure that your voice is heard where it matters, when it matters, driving legislation that protects our industry and your community.
Additionally, the NRHC works to educate the public about the benefits of SFR homes and advocate for sensible policies that support the single-family rental market. Our aim is to help preserve and strengthen the availability of SFR properties and to support communities by providing a sought-after form of housing. We also provide members with industry-specific educational opportunities, market research, and other tools to guide them through the ever-evolving housing market landscape.
As more Americans choose to rent, our members are democratizing access to high-quality homes in safe, desirable neighborhoods that offer good schools and a desirable lifestyle that might otherwise be out of reach. Single-family rental homes are an important piece of a vibrant housing market and, for many, a fundamental stepping stone to homeownership.
As part of our mission to provide market research and key insights, this article contains information which I hope you will find beneficial.
SFR Rent Collections: April 2025
According to Chandan Economics and RentRedi, on-time payments in properties managed by independent landlords rose again in April 2025 compared to the prior month. Approximately 86.3% of tenants made their payments on time, up from 85.9% in March.
Within the single-family rental (SFR) sector, collection trends continued to outperform the broader market. In April, 86.5% of SFR tenants paid their monthly rent on time — an increase of 43 bps (basis points) from March. Compared to one year earlier, the SFR on-time payment rate was up by 18 bps. Notably, this April estimate marks the first year-over-year improvement in collection rates in 22 months.
The SFR forecast full payment rate — which combines already received on-time and late payments with anticipated future collections based on historical patterns — also moved higher in April, rising by 47 bps to 95.4%.
Housing Affordability Monitor
The March 2025 Atlanta Fed Home Ownership Affordability Monitor showed that a typical home would cost 46% of the median household income. Housing costs up to 30% of income are generally considered affordable. Homeownership costs have exceeded the 30% threshold since March 2021.
The median monthly payment for a typical home (including taxes and insurance) reached $3,000 in March, up 12% from one year earlier. While interest rates have stabilized, mortgage payments have more than doubled since 2021, coinciding with a more than 40% increase in home prices. Meanwhile, median household incomes have risen by only about 15% over the same period.
Some affordability relief may be on the horizon. Zillow forecasts that home prices will decline over the next 12 months as more listings come to market.
Potential Federal Reserve rate cuts could also contribute to lower mortgage rates, although uncertainty surrounding tariff policies continues to complicate the Fed’s reaction function.
