Writing a lease. What is standard for late charges on late rent?
My old apartment complex charged $20 on the 5th day and $5 per day each day after that. If you hadn't paid by the 1st of the next month, they would start eviction proceedings. Rent at that complex ranged from $399-599 a month.
I usually charge about $15 dollars depending on how much the rent is. I have in ALL my leases that if it happens more than twice it is a breach of contract.
I use a website called EZ landlord forms and it has the state laws which help. For me it is worth the cost to maintain all of our leases and the leases are very easy for the tenants to understand.
Added** I give a 5 day grace period.
On our lease it's $50 on the 6th (rent must be paid by the 5th) and then $10 a day after that.
We have a grace period of three days. On the fourth there is a $35 late fee charged and $5 for each day after that, we have a maximum charge, but I can't remember what it is. We have learned the hard way to have more of a penalty than just a flat rate. We used to simply charge $40 and tenants would sometimes be almost a month late, the charges per day stops that behavior for the most part.
i J. signed one and its 10% after the fifth day (149) yikes!!!!!!!!!!!11 that scares the bejeebus out of M.. i dont plan on ever being late but knowing that if i am i can tack on 150 is scary!
my current one is 20 but I've never been late enough to pay it
Anything after the 5th is 10% of rent!
$25 - $35 is usually standard from my experience. You 'could' charge up to $50 just as a scare tactic to entice your renters NOT to be late. But on the other hand, charging a lot may deter too so it's basically a catch 22 which is better. But again, the norm is usually a minimum of $25. Hope this helps, good luck!
I had to pay $25 at an apartment once.
Notice I said ONCE! LOL :)
at my old apartment it was $75 after the 4th. I was NEVER late. But you could do a $15 after 2 days, $40 after 4 days, $75 after 7 days or something like that.
Hey, we're doing this too!
From what I've found online, 5% of the monthly rent, and if they are late 2+ times, all future rent payments must be via certified check or money order.
At our last apartment there was a 10% charge ($55.00) after the 5th of the month. Just make sure to check tenant laws on what you can and cannot do.
