Landlords ALWAYS Charge a fee for late paying tenants

Details regarding late rent. How and when will you enforce a penalty if your tenants fail to pay? You might regard the rent as late if it’s paid just a day after the first of the month, or you may choose to provide a grace period of three or five days. As for the financial penalty, you have a few options. You may charge a flat penalty fee, a percentage of the rent for each day it’s late, or a set dollar amount. While you’re allowed some freedom in this area, make sure to check with local and state laws to determine what you can and cannot legally charge for late payments.

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