How to Calculate Late Rent

by Melvin Richardson ; Updated July 27, 2017
Always read your lease agreement to find out when a large charge will be assessed.

Many landlords and apartment complexes require you to pay your rent on the first day of every month. You may have a grace period, which allows you to pay your rent after the first without incurring a late fee. The grace period can extend to the 5th or 10th of the month, depending on the management company of the apartment complex. Once the grace period has passed, you will be assessed a late fee on top of your standard rent payment.

Step 1

Review the amount that you pay for rent every month. Your rent payment is usually the same amount every time you make a payment. When you know your monthly payment, determine when the payment is due.

Step 2

Find out how much the late fee is. Every apartment complex or management company has its own late-fee charge. Sometimes it can be a flat fee, such as $35, plus $5 per day for every day thereafter. For example, if your rent is $500, and the grace period ends on the 5th with an additional fee of $5 imposed for every day thereafter, you can calculate your late rent payment with this information.

Step 3

Determine what day your rent payment will be made. If you make your rent payment of $500 on the 10th of the month, your late rent will be $550. The late fee of $35 is imposed on the 6th (the day after the expiration of the grace period), and you will be charged $5 for the 7th, 8th and the 9th of the month. There is no $5 fee for the 10th since the payment was made on the 10th.

Tips

  • Make sure you review your leasing agreement to find out when your grace period expires.

Warnings

  • Some apartment owners will start the eviction process when the grace period expires.

    Some landlords may charge you an additional late fee for the day you make the payment, based on how the leasing agreement is worded.

About the Author

Melvin J. Richardson has been a freelance writer for two years with Associated Content, and writes about topics such as banking, credit and collections, goal setting, financial services, management, health and fitness. Richardson has worked for several banks and financial institutions and gained invaluable experience and knowledge. Richardson holds a Master of Business Administration in Executive Management from Ashland University in Ashland Ohio.

Photo Credits

  • Finger pointing to the words in agreement image by Dmitry Goygel-Sokol from Fotolia.com
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