The Consumer Financial Protection Bureau published two reports analyzing national rental payment data from September 2021 to November 2024, finding that fewer renters are incurring late fees but those who do are carrying larger past-due balances and paying higher fees. The share of renters who paid late fees in the prior year peaked at 23% in February 2023 before falling to slightly under 14% by November 2024. Over the same period, the median outstanding rental balance increased by 60% from USD 2,000 to USD 3,200, while the average late fee rose steadily to USD 85 by November 2024. The analysis also shows that only about half of renters behind on rent catch up within one month, with repeat fees common: just under 60% of renters who incur any late fee receive two or more in a year, and more than 20% receive five or more in the last twelve months. The reports also examine non-sufficient funds fees and write-offs of unpaid amounts.
Consumer Financial Protection Bureau 2025-01-28
Consumer Financial Protection Bureau reports rental late-fee incidence falling while outstanding balances and late-fee amounts rise
The Consumer Financial Protection Bureau reports a decline in renters incurring late fees but an increase in past-due balances and fee amounts from September 2021 to November 2024. Renters paying late fees dropped from 23% in February 2023 to under 14% by November 2024, while the median outstanding balance rose 60% to USD 3,200, and average late fees reached USD 85. Nearly 60% of renters with late fees incur multiple fees annually, with over 20% receiving five or more in the past year.