Charging a late fee sometimes works for tenants who are always late. In any event it's a good idea to include it in every rental agreement you write. The penalty typically takes this form: In the rental agreement you include a clause that says if that tenant does not get the rent in by a certain number of days after the due date (typically five days grace is given), there is a penalty. The penalty is usually $50 or 5 percent of the rent,whichever is smaller.
Charging a late fee sometimes works for tenants who are always late. In any event it's a good idea to include it in every rental agreement you write. The penalty typically takes this form: In the rental agreement you include a clause that says if that tenant does not get the rent in by a certain number of days after the due date (typically five days grace is given), there is a penalty. The penalty is usually $50 or 5 percent of the rent,whichever is smaller.