Late Fees and Penalties

Late fees and penalties are charges that landlords may assess when tenants fail to pay rent on time or violate other lease terms. Lease agreements typically specify the amount and conditions of late fees, such as a flat fee or a percentage of the monthly rent for each day that the payment is overdue. Some states regulate the maximum amount and frequency of late fees to prevent excessive or unreasonable charges. Landlords may also impose other penalties for lease violations, such as fines for unauthorized pets or charges for damages beyond normal wear and tear. Tenants should carefully review their lease agreement and comply with the payment and conduct requirements to avoid incurring late fees and penalties.