When you’re a landlord there’s nothing better than having a considerate tenant who pays rent on time, all of the time. 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.
When rent is due, and when rent is late
Unless the written rental agreement states otherwise, rent is due on the first business day of the month and by law there is a five day grace period before the landlord can send a notice of late payment and a request to “quit or vacate” to the tenant. The notice to quit or vacate is not required if there is a waiver of notice to quit for failure to pay rent in the lease agreement.
Late charges and NSF fee
For any rent payment that is received after the five day grace period, a landlord can charge a late fee of no more than 10% of the amount past due. An NSF fee, or “insufficient funds fee” can be charged for any returned or bounced checks. The maximum amount that can be charged is $30.