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When you’re in a new city living your best life, paying rent can sometimes fall by the wayside. Even if you have your finances managed to a T, that dreaded due date can creep up on you.
Wait, is it the first of the month already? What happens if the rent payment is a few days late?
The good news is that many landlords have a grace period for rent, or an amount of time after the official due date when a tenant can still pay rent without incurring penalties or fees. This grace period is often listed on the rental agreement.
To cover the ins and outs of rent grace periods, let’s dive into a few of the most common questions and concerns tenants have, including:
Let’s get started!
When you rent an apartment, you’ll have a date on which rent is due. This is when property managers expect to receive the full amount of the rent from their tenants, and they will often charge a late fee if you don’t make it happen.
The grace period is the amount of time after the rent collection due date passes before the late fee kicks in.
Grace periods are a common occurrence, but landlords are not always required to provide one to their tenants as part of their rental agreement. While some states require at least a minimum grace period of a few days to give tenants time for their checks to clear, others leave it up to each landlord to decide when to charge a late payment fee.
As a tenant, it’s your responsibility to check (and double-check!) your contract or lease agreement for whether there is a grace period and what fees you may incur if you are late on your rental payment. You’ll also want to know whether your landlord can initiate an eviction based on too many late payments.
With over 7,000 apartments in our network, you're free to roam with Landing.
When identifying your home’s rent grace period, the first thing to do is to check your state laws to see if there is a minimum required. New York, for example, has a statewide grace period of five days, whereas in Texas, it’s two days.
However, even in states where landlords decide their grace period lengths, it’s typically no more than a few days. The most common amount of time is three to five days before fees are incurred. Landlords are able to charge tenants late fees as soon as the grace period ends.
For example, assuming that rent is due on the first of the month, some possible scenarios for late charges include:
It can be confusing to know what it means to have paid your rent! This varies from apartment to apartment and will be defined in your lease agreement, so don’t forget to read the fine print. Landlords might use one of the following standards to determine when their tenants’ rent is considered paid:
If you haven’t gotten your rent in by the end of the due date, or if you’ve only paid part of it, your landlord will most likely charge a late fee. They may choose to do so to:
A standard late fee amount is 5% of your monthly rent. For example, if your rent is $1,500, then your late fee would be $75. Some landlords may also go with a flat late fee, typically between $50 and $100.
Some states and cities have limits on late fees, so be sure to check these out. It’s also important to know that a late fee has to be written in the rental agreement beforehand for it to be valid. If you paid your rent after the due date and no penalty was ever specified in your lease, the landlord is unable to charge you a late fee. This is why it’s very important to read through the exact terms of your lease before signing so you’ll understand what is and isn’t agreed upon beforehand within your lease agreement.
Beyond just the fee, a late payment can come back to bite you in various ways—especially if it becomes a habit. Let’s dive into what can happen.
While you might not be best buddies with your landlord, maintaining a good, friendly relationship can bring certain benefits throughout the duration of your rental. They may be more lenient and accommodating, for example, if your friend decides to crash at your place for longer than expected or if you need your clogged sink drain fixed—pronto.
While the strength of your landlord-tenant relationship is not exactly quantifiable, paying rent late may put your landlord in a tricky financial position and create tension between the two of you. The day may come when you need your landlord’s help, and having a strong foundational relationship can be the difference between a new shower head installed day-of and a long back-and-forth with an “I’ll get back to you on this” response.
Additionally, when it comes time for you to find a new rental, your landlord could use your history against you when writing an apartment rental reference letter. In more extreme circumstances, if late payments occur regularly or start to stack up, you may even face eviction.
If you’re repeatedly paying your rent late, you’ll have to shell out a little extra each month, and those penalties add up to create an additional financial burden for you. This is an easy fix if you’re just forgetful or careless. But it’s added stress if the reason you’re paying late is that you’re tight on cash when rent is due.
In either case, over the long term, you’re losing more than you’re gaining.
A more sneaky inconvenience is that your landlord might not offer to renew your lease when the time comes. Even if they do, your landlord will remember all those times they had to chase after you and may not offer you the best rental terms.
If you love your rental property, you want to be able to stay without any additional hassle.
On the other hand, if you’re sick and tired of staying in one rental, or if you want more flexibility in your living situation, there are other short-term living options to consider.
Not all landlords report late rent to credit bureaus, but some do. This could be the case if:
That being said, it’s not common for late rent to affect your credit score. You can always ask your landlord how they handle the issue if it were to come up. One exception, however, is if you owe a lot of rent, and it’s handed over to a collections agency, in which case the filing will lower your score.
On the flip side, paying your rent on time can mean good things to come.
If your landlord is one to report to credit bureaus, paying your rent reliably each month can contribute to a positive renting history. It can also be incorporated into your credit report and give you that needed boost when you’re getting ready to make a big purchase.
Some other important benefits include:
We know transferring apartments—or even cities—can be both exciting and a hassle. And as you find your footing, the last thing you want to worry about is committing to a long-term lease, especially one with miles-long fine print and hidden fees lurking in every other paragraph.
Here at Landing, we have plenty of flexible, short-term, month-to-month options to choose from. Take a look at our fully furnished apartments, or contact us to learn more about the Landing network today!
