Experienced landlords can agree on one thing: on time rent payments make their lives easier and less stressful. Arranging for automatic deposits or setting up an online payment account for your tenant, such as through LeaseRunner’s Tenant Payment Center, are ways you can encourage the timely paying of rent. Keep in mind that in New York State a landlord may not require that a tenant use electronic payment.
When rent is due, and providing a receipt
Unless the written rental agreement states otherwise, rent is due on the first business day of the month and is considered late if not paid by the fifth day. LeaseRunner recommends that the landlord provides a written receipt for all payments received. However, the law in New York requires the landlord to provide a written receipt when a tenant pays rent using cash or any instrument other than a personal check. The receipt must include the date, amount, identity of the premises and period for which paid, and the signature and title of the person receiving the payment.
Late charges and NSF fee
For any rent payment that is considered late the landlord can charge a late fee. New York does not stipulate a maximum late fee, but landlords should charge a fee that is a reasonable estimate of the administrative costs incurred. An NSF fee, or “insufficient funds fee” can be charged for any returned or bounced checks. Again, there is no maximum NSF fee imposed on landlords in New York.