Landlord Question and Answer Forum

I have 2 tenants living in my condo and they split the rent evenly. I have always received 2 checks from them for the rent. This month I only received one check which was exactly 1/2 of the monthly rent. On the 13th of the month I received a partial payment from the 2nd tenant. They still owe $260. I want to send both of them a letter notifying them of the remainder due plus the late fees. The contract states that the late fee will be 5% of the monthly rent if not received on time (with a 5 day grace period). My question is: Do I charge them 5% of the total rent or 5% of just the past due balance? Not sure what is fair.

Depending on your relationship with the tenant it really is up to you. Make sure that the 5% would be enough to cover any expenses that you may have to pay out of your pocket for a missed mortgage payment or any other fee you may get because of not being able to pay.

Posted by David C, PA on Tuesday, January 28, 2014

It totally depends on you and what is their in your lease papers. Although, when i had rented with Tropicana Realty, they never charged any extra money from me whenever, i was late in giving them the rent. But that was because i used to inform them about it in advance.

Posted by ryan h, TX on Wednesday, February 12, 2014

my late fees accrue till all rent is paid in Full.

Posted by Pamela R, PA on Wednesday, February 12, 2014

To answer your question, my lease states that the late fee applies until all rent is paid in full. Check your lease, you may be able to charge 5% on the full amount.

Posted by Joellyn L, IN on Thursday, February 13, 2014