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Can I charge late fees if the tenant doesn pay the rent on time?

April 26, 2017charge fees late pay rent tenant time

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Posted

Can I charge late fees if the tenant doesn pay the rent on time?

2 Answers

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Ralph Hunter Posted

Yes. Most states specify a max late fee amount. In NC for instance it is 5% of the monthly rent. It should be outlined in the lease from the beginning.

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Posted

Yes. The late fee must be reasonable and no more than the amount charged to tenants not receiving rental assistance. A late fee policy must be explained in the lease or in an addendum to an OHA model lease.