What is a standard late fee for tenants?
Rent is defined as all monetary obligations of the lessee to the lessor under the terms of the lease. A late payment of rent by the lessee can cause the lessor to incur costs such as processing or accounting charges and, potentially, late charges which a lender has imposed on the lessor. The standard late fee for tenants is 10% of each such overdue amount or $100, which ever is greater.
