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Answers (11)
- Jerry Swann, "JerryASwann"
- Contributions:2
We charge $10 per day starting on the 3rd day - that gives them a little buffer, but we make it clear it is due on the first. We also have the tenant do a direct deposit into our account.
- Nathan Perz, "NathanPerz"
- Contributions:61
I'd have to check but I think my contracts say $5.00 a day.
- LoneStarProperty
- Contributions:2
We charge $50.00 on our $1300/mo and our $1950/mo rentals plus an additional $10.00 for each additional day the rent is late.
- Andy Czako, "Andy Czako"
- Contributions:3
I have seen anywhere from $25 - $35 for a late fee. The key is to follow up with good communication with the tenant. There is a reason why they are late, and most of the time is because they can not come up with the rent on time. Adding a $50/$100 late fee ontop of their rent, might not be attainable for most tenants. Good communication with between a tenant/landlord is key for all parties involved!
- Bruce Cadden
- Contributions:156
My leases/rental agreements all state that a $50.00 late fee is due if the rent is 5 days late. It's important to be fair and equitable. It is also important to have any proposed late fees written into the lease.
Then again, if you get a good tenant, you don't really have to worry about anything.
Then again, if you get a good tenant, you don't really have to worry about anything.
- George Slowinski, "gslow1"
- Contributions:561
Your policy has to be consistent you should put a policy together and send to your tenant have them sign it.It would be advisable to always include this with lease and have them signed at lease signing.
- Bob Brandt, "BobBrandtRealtor"
- Contributions:1019
Usually I use $10 a day and $35 for a returned check.
Direct deposit to your account make it all easier for everyone.
Direct deposit to your account make it all easier for everyone.
- shasta_steve
- Contributions:448
I was always told around 5% of the rent or $80 in your case. Not sure about the laws there but the late fee here is not really supposed to be a penalty but is supposed to reimburse the landlord for added costs such as paperwork or another trip to the bank and the such. As long as it is reasonable it should not be a problem.
- Philip Sencer, "Philip_Chicago"
- Contributions:551
Just about every city/village has it's own Landlord/tenant Ordinance and guidelines with respect to leases/security deposits/late fees etc. Check with them. Chances are you cannot arbitrarily charge anything you want. What you do charge within the parameters set by the village is also somewhat determined by how strong of a position you think you have. Here in Chicago the tenant tends to have more control over rents/fees than the landlord because the demand/supply favors them. Perhaps in PR the landlords can ask whatever they want.....and get it...........but I doubt it.
- HomeSand.net, "White Picture"
- Contributions:4398
Should be $75. = ($100. + $50.) / 2
In-fact, I charge 5% of the monthly rent to my tenants.
The due date is the 10th of the month, base on the post mark date, but if the tenants send the check to me at 15th of the month, still I do not charge them the late fee, I do after 15th of the month however.
In-fact, I charge 5% of the monthly rent to my tenants.
The due date is the 10th of the month, base on the post mark date, but if the tenants send the check to me at 15th of the month, still I do not charge them the late fee, I do after 15th of the month however.
- Michael Emery, "MikeEmery"
- Contributions:7298
You could compromise by charging a $50.00 late fee after XX number of days being late (say 5 days) and and additional $50.00 for being XX days late (say 10 days).
reasonable late fee
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