SLC townhome finally rented
August 20th, 2009 by KenricIt took 2 months but my SLC townhome #1 has been rented. The tenant is a single mother with good credit and no pets. I hope I get a stable tenant that will pay on time and last the whole year.
I took a look at the PM’s lease and the late fee is $99.50 if not paid by the 5th. This was surprising to me as my late fees have always been $25 + $5/day. I can’t imagine a 10% late fee due the day after its late but maybe that’s where the rental market is heading.
Posted in Real Estate | 2 Comments »
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I believe this is generally a local thing along the lines of what is collected up front. Some places have first, last + 1 months security deposit while others just have first + sec. deposit.
In the area I rent in a 10% late fee is standard. As is the fee kicking in immediately, although I have it structured exactly as your PM. Grace period till the 5th then a 10% late fee.
I also add in a clause that if the rent is paid late twice in any 1 year period there is a $25.00 increase in rent. I never had to enforce it yet, thank goodness. Either good screening or fear of the increase has kept payments on time.
By Philly_LL on Aug 24, 2009
That will teach you a lesson. Next time you will pay on time. Sorry to say this but this true. Becareful next time.
By Termite Tips on Aug 26, 2009