Late fees can be charged to the Tenant only after the rent is 5 days or more late.
The Tenant can be charged $15.00 or or 5% of the monthly rent, whichever is more.
So $15.00 or 5%...which should I use?
It sounds simpler to charge 5%, but ...
- Subsidized Housing: If the property is subsidized, you charge 5% of the portion of the rent the tenant pays
- the fee may only be charged once per month. It cannot be increased based upon the number of days past the payment date.
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