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Can an owner charge a late fee if rent is paid after a certain day of the month?

April 26, 2017certain charge fee late month owner paid rent

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Can an owner charge a late fee if rent is paid after a certain day of the month?

1 Answer

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There must be a clause in the original lease that authorizes the collection of late fees. If such a clause is not included, then the late fee cannot be charged. The amount of the late fee must be reasonable. DHCR has generally considered a late fee to be reasonable if it is five percent (5%) of the monthly rent.