This reversal is a sudden change for landlords and property managers who have been enjoying an unusually long period of improving rental payments, culminating in Q2 and 3 of 2013 with 86% of tenants deemed to be in good standing.

While this figure slipped in Q4 2013 to 85%, it is noteworthy that 72% of tenants remained in the Paid on Time category.

Tenants who Paid Late dropped slightly from 10% to 9% - with a consistent 4% remaining in the Grace Period.

The deterioration is however reflected in the movement of tenants who Paid Late to the Partially Paid segment, highlighting a growing multitude of over-indebted consumers who find themselves unable to make full and timeous payments on their credit and monthly living expenses.

The decline may be slight, but nonetheless could be seen as an early warning sign of trouble ahead.