Rent Lates Fees?

Question

I rent out a few rooms in my house. As of late, I decided to start charging late fees because to many times roommates think that they can pay the rent based off when they get paid rather than when it's due.

Anyway, for instance rent was due on wednesday and my roommate did not pay until today. So, I charged him a late fee for thursday, but do I charge him a late fee for today even though he paid up today? How do most landlords apply late fees?

Thanks for all the answers. I had to start the late fees, which is in writing due to roomates thinking that I'm gonna wait for them to pay when they want

Answer 1

First you can't decide later to have late fees in you rental agreement. Most don't charge until the rent is 5 days late then a fee based on what is in the rental agreement. Sometimes there is an additional fee at 10 days late. After that you would start eviction procedures.
Being a landlord means you need to know the landlord tenant laws so you don't break them. If you are renting rooms in your home you have more rights than some other landlords since you have to live with the tenant.
If you are splitting the rent with roommates in a rental you are all equally responsible for the rent so look at your lease and make sure to collect the late fee your landlord charges you.

Answer 2

You should decide on a time you'd like it to be in your pocket, and go by that. If they did give it to you today, technically, you shouldn't charge them, because you got it today. If there was a specific time, you could charge them for another day if it was one minute after that, but you risk losing tenants, so be weary of that. Typically, landlords will charge a standard late fee, not by the day, but this idea may work better at getting your money faster.

Answer 3

I don't think you can charge late fees unless you have a signed lease stating so.
The renter has rights.any charges or fees must be agreed upon by both parties.
Get it in writing and I think $10 per day is a good fee.

Best of luck and get a signed lease.

Answer 4

all the landlords i have dealt with give a 5 day grace period after the first of the month then after that its 10% of the rent then $5 every day after that.