[sgerardi]

My Landlord's lease states that the rent is due on the 1st, and any part of rent received after that is subject to a $50.00 fee. I have compaired this lease to 3 other leases, and all of which state that rent is due on the 1st of the month, but after the 5th late fees will be applied. Is the couple day grace period just a nice thing that some Landlords do, and my potential Landlord is playing hard ball?! Or is there a law that allows for a few day grace period??

[LisaB4657]

There is no law that provides a grace period. Any grace periods provided in leases are given because that landlord is a nice person.

[ScottGem]

Lisa is right about there not being a law, but I have to disagree about the landlord being a nice person. The reason for grace periods along with other tenant favorable clauses is more likely market forces. Landlords have a commodity they need to market and sometimes they have to compete with other landlords for tenants. So a grace period is just a way to make an apartment more attractive to the renter.

Generally grace periods are more common in large complexes where the cash flow is not as big an issue. But a landlord of a small property may need to have the cash in hand or they will incur penalties.

[froggy7]

I've always wondered about that grace period thing. Why bother with saying "The rent is due on the first, and late penalties will be applied if received after the 5th", instead of just saying that the rent is due by the 5th? After all, if you don't care if you get it on the first, then you don't care. And if you really want it on the first, then the late fees should kick in on the second. This half-way way of putting the due date has always just seemed odd to me.

[shygrneyzs]

Where I live tenants have until noon on the 3rd. Anything after that is a late fee. Now the person I work for also is a landlord and his lease clearly states the rent is due on the first, no ifs, ands, or buts about it. Anything later than the first and the tenant is evicted. Ask me if I would ever rent from him. No.

It is up to the landlord/owner, no law.

[ScottGem]

I've always wondered about that grace period thing. Why bother with saying "The rent is due on the first, and late penalties will be applied if received after the 5th"

The grace period is an acknowledgement of the efficiency of our mail system. :D